 "With about 3% in Mangalore Chem, Mallya is now a minority shareholder")
After family jewel United Spirits Ltd, another piece from UB Group Chairman Vijay Mallya’s wealth is in the line of getting embellished.
According to a report in the DNA, with just 3.44 percent stake the UB group has become a minority shareholder inMangalore Chemicals and Fertilisers (MCF), which is in the midst of a takeover battle-like situation. The decline in holding is significant because just a week back the group had 24.51 percent in MCF.
Suitors have lined up for the companny eversince the Bombay High Court permited lenders to sell the shares pledged by UB group with them.
The shares were pledged to lenders by the UB group to get loans to now-grounded Kingfisher Airlines.
According to media reports, a four-way fight to take control of the fertiliser maker may be brewing as Zuari Agro, Indian Syntans and Guardian Advisors have significant holding in the company now.
According to a an analyst quoted in the DNA report today, MCF may be small company but is attractive because of its strong presence in the south.
“… Any company would like to have it in its portfolio,” the analyst has been quoted as saying in the report.
According to the report 13 percent of the group’s revenue came from MCF last year.
Impact Shorts
More Shorts[caption id=“attachment_687392” align=“alignleft” width=“380”] As of now, shareholders of MCF are the victorious lot in the battle as the stock is flying on the stock exchanges.[/caption]
Saroj Poddar, chairman of Adventz Group that owns Zuari Fertilisers, had told_Mint_ earlier that he was keen to take over the Mallya company as it is a strategic fit. Adventz Group bought a 10 percent stake in MCF on Wednesday.
_ET_had reported that Guardian Advisors is also keen on the company.
“We see great value in the (MCF) business…,” Mohit Burman of Guardian Advisors has been quoted as saying in the report.
The third suitor is Kannan Narayanan, a Chennai-based investor who owns 8.41 percent stake through India Syntans Group. He has not yet made any public announcements about his intentions.
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