Zuari Agro in the green

The market is most obviously enthused with Zuari Agro getting go-ahead nod from CCI for buying the additional 26% stake in Mangalore Chemicals and Fertilisers (MCF). This means now Zuari and Deepak Fertilizers, which also got the CCI nod last week for its open offer for the same, will now collide head-on. The offer for Deepak is for the same 26%stake and is at Rs.190 crore while that of Zuari is higher at Rs.211 crore.

Either of the two open offers can start only within 12 working days from receiving CCI approval for the second deal.  Deepak Fertilisers holds a little over 25% in MCF, while Zuari has a 16.43% stake.

Zuari Agro, based on these developments and with news doing the rounds that Zuari will win this battle, hit a new high today at Rs.245.