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HindustanTimes Fri,18 Apr 2014

Mangalore Chem shares fizz on takeover signals

PTI  Mumbai, July 12, 2013
First Published: 01:41 IST(12/7/2013) | Last Updated: 01:42 IST(12/7/2013)

Shares of Mangalore Chemicals & Fertilisers Ltd on Thursday spurted by nearly 10% to touch an all-time high of Rs. 68 both on the Bombay Stock Exchange and the Natio­nal Stock Exchange, after Zuari Fertilisers hiked its stake to over 13% in the UB Group firm.

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Zuari on Wed­nes­day acquired 41.43 lakh shares of MCFL for Rs. 25 crore, taking its stake to over 13% and becoming the third-largest shareholder in the company.

Deepak Fertilisers has overtaken UB Group as the largest stake­holder in MCFL.

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