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Deepak Fertilisers, which was waging a pitched battle to take over the Vijay Mallya-owned Mangalore Chemicals & Fertilizers, has started reducing its stake in the company.
On Monday, the Pune-based company sold around 1.5 crore shares, valued at around ₹126 crore, as it sees no merit in taking over the reins of MCF.
Earlier, both Deepak as well as Saroj Poddar’s Adventz had floated an open as well as a counter-offer to increase their respective stakes in MCF. Since then, Deepak Fertilisers, which had a stake of about 31 per cent, has reduced its holding in two tranches — about 2 per cent sometime ago and now about 12 per cent, sources said. Mallya’s holding company has about 21.97 per cent while Kolkata-based Adventz has 16.47 per cent in MCF.
Last December, Mallya was forced to resign from the board after a consortium of lenders made it clear that it would not extend loans to any company in which he was a board member.
Mallya resigned from the board only to nominate his step-mother, Ritu Mallya, in his place.
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