Rivals in July, friends in October. That seems the next twist in the race between the promoters of Deepak Fertilisers and Petrochemicals and Zuari Fertilisers & Chemicals, for controlling Vijay Mallya’s Mangalore Chemicals and Fertilizers (MCF).
Business Standard reported that Pune-based Deepak’s Sailesh Mehta might hold a meeting next week with Zuari’s Saroj Poddar to make an offer to buy out the latter’s stake in MCF. This would be the first time that the suitors would meet on a deal that could benefit both.
The report added that Deepak Fertilisers had to pay a hefty Rs 180 crore for its stake in MCF it bought on July 3, while Poddar outsmarted the Pune suitor by buying Mallya’s pledged shares from a bank in April. Poddar’s total investment, including for the additional stake he bought on the open market after Deepak did in July, for his little over 16 per cent stake is less than Rs 90 crore.
Read the complete report here