Deepak Fert back in limelight
By
Research Desk
about 10 years ago
Deepak Fertilisers is doing very well today morning. The stock is up over 3% at Rs.144.40 and its intra day high stands at Rs.145.35. Volumes are up around 4.5 times.
The stock is in the limelight following news that it has purchased another 5.94% stake in Mangalore Chemicals and Fertilisers (MCF) at Rs.65.93. This now makes the battle for takeover MCF with Zuari Agro all the more intense. It purchased these shares in the open offer, which had closed on 2th Oct.
With this purchase now, Deepak now owns 31.25% stake and Zuari owns 38.4%. This now means that if Deepak wants to takeover MCF, it would need to buy another 18% stake while Zuari would require around 12%.