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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 an additional 36.56 per cent stake in the company, for which it is competing with rival Deepak Fertilisers.
The open offer is being launched following approval from fair trade watchdog Competition Commission for acquiring up to 36.56 per cent stake in Mangalore Chemicals and Fertilisers (MCFL) for ₹398.2 crore. In a regulatory filing on Thursday, Zuari group firm Zuari Agro Chemicals said the open offer will begin on April 20 and close on May 26.
The Zuari group is led by Kolkata-based industrialist Saroj Poddar.
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