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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