|Chennai||Rs. 27770.00 (-0.14%)|
|Mumbai||Rs. 29200.00 (2.31%)|
|Delhi||Rs. 27900.00 (-0.36%)|
|Kolkata||Rs. 28270.00 (1%)|
|Kerala||Rs. 27050.00 (-0.37%)|
|Bangalore||Rs. 27550.00 (1.66%)|
|Hyderabad||Rs. 27770.00 (-0.14%)|
A day after Vijay Mallya ruled out selling his controlling stake in Mangalore Chemicals and Fertilizers (MCF) to Deepak Fertilisers or Zuari, the latter’s promoter, Saroj Poddar, said he’d sell his 16 per cent stake to the highest bidder.
Analysts expecting an interesting situation where Poddar might sell his stake to Pune's Deepak Fertilisers, as the latter has a little over 24 per cent share in MCF, just a notch below 25 per cent. According to the law, once a promoter has 25 per cent or more stake in a company, it would automatically trigger an open offer. Mallya’s change of mind over giving away control in MCF appears to have disappointed Poddar, who said there was no point in staying invested. He said he’d not rule out selling it to Deepak. “I would not judge anyone; the highest bidder will get it,” he added.