Mangalore Chem surges 20% as Deepak Fert ups open offer price

Written by PTI | Mumbai | Updated: Sep 27 2014, 00:31am hrs
Shares of Mangalore Chemicals & Fertilizers Ltd zoomed 20 per cent today after Deepak Fertilisers raised its open offer price.

Intensifying the battle for acquisition of Vijay Mallya's fertiliser firm MCFL, Deepak Fertilisers today raised its open offer price to Rs 93.60 per share aggregating to Rs 288.41 crore.

Following this, MCFL's scrip settled 19.95 per cent higher at Rs 88.10 -- its 52-week high on the BSE.

At the NSE, the stock climbed 19.97 per cent to close at Rs 87.70.

Shares of Deepak Fertilisers ended 0.22 per cent up at Rs 159.25.

Hours after the revision of open offer price by Deepak Fertilisers, rival Zuari group in association with MCFL'S original promoters UB group, revised their open offer price to Rs 81.60 per share aggregating to Rs 251.44 crore to buy additional 26 per cent stake of MCFL.

Deepak Fertilisers had launched open offer to buy additional 26 per cent stake in MCFL in April this year at Rs 63 per share following which Zuari and UB group joined hands in May and launched open offer for same number of shares at Rs 68.55 per scrip.