In a move aimed at preventing Deepak Fertilisers and Petrochemicals from getting a controlling stake in Vijay Mallya-controlled Mangalore Chemicals & Fertilizers (MCF), Zuari Fertilisers Group headed by Saroj Poddar and Mr. Mallya’s United Breweries (Holdings), among others, have made a counter offer to acquire 26 per cent stake in MCF.
Zuari and United Breweries, on Tuesday, came up with a counter offer at Rs.68.55 per share vis-à-vis Deepak Fertilisers’ offer of Rs.63 per share for MCF.
In a filing to the Bombay Stock Exchange, Zuari Agro said that the board of directors of the company had in its meting on May 12, considered and passed resolutions in respect of entering into an agreement with Zuari Fertilisers and the promoters of MCF to participate in the management of the Vijay Mallya-controlled company and exercise voting rights as per the terms of the agreement.
While Zuari Fertilisers has a 16.43 per cent stake in Mangalore Chemicals, the UB Group has around 22 per cent stake and Deepak Fertilisers a 25 per cent stake.
Deepak Fertilisers had earlier raised its offer price from Rs.61.75 to Rs.63 per share for a 26 per cent stake totalling around Rs.194 crore.
The offer by Zuari Agro-UB Group raises the offer size to around Rs.212 crore.
