The open offer is being launched after an approval from fair trade watchdog Competition Commission for acquiring up to 36.56 percent stake in Mangalore Chemicals and Fertilisers Ltd (MCFL) for Rs 398.2 crore.
Taking forward the takeover battle for Vijay Mallya-led UB Group's fertiliser firm MCFL, Zuari Group will launch an open offer on April 20 to acquire additional 36.56 percent stake in the company, for which it is competing with rival Deepak Fertilisers.
The open offer is being launched after an approval from fair trade watchdog Competition Commission for acquiring up to 36.56 percent stake in Mangalore Chemicals and Fertilisers Ltd (MCFL) for Rs 398.2 crore. Zuari, led by Kolkata-based industrialist Saroj Poddar, had announced a voluntary open offer in December last year as well for acquiring 25.9 per cent stake in MCFL.
The firm has now increased the offer size to acquire up to 36.56 per cent stake. In a regulatory filing today, Zuari group firm Zuari Agro Chemicals said the open offer will begin on April 20 and close on May 26. The two-way battle is going on between Zuari Group and Pune-based Deepak Fertilisers for a long time for taking over MCFL.
At the end of December 2014, Zuari held 16.47 per cent stake in MCFL while Deepak Fertilisers had 29.05 per cent. Crisis-hit UB Group, which had earlier supported Zuari offer, owns 21 per cent stake in MCFL.
Zuari Agro Chem stock price
On April 09, 2015, Zuari Agro Chemicals closed at Rs 249.40, down Rs 6.6, or 2.58 percent. The 52-week high of the share was Rs 309.50 and the 52-week low was Rs 124.05.
The company's trailing 12-month (TTM) EPS was at Rs 35.28 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 7.07. The latest book value of the company is Rs 191.56 per share. At current value, the price-to-book value of the company is 1.30.
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