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Mangalore Chem bids under Sebi scanner

Mumbai, June 24: The Securities and Exchange Board of India has sought clarifications from the two rival bidders for an additional stake in Vijay Mallya’s Mangalore Chemicals & Fertilisers Ltd (MCFL).

According to latest Sebi data, the clarifications were sought from JM Financial, the merchant banker for Deepak Fertilisers, on June 20. The regulator had on June 17 sought more details from ICICI Securities and Ambit Corporate Finance, who are the merchant bankers for Zuari Fertilisers.

The regulator, in its latest update on the “processing status of draft offer documents” said it was awaiting replies from the merchant bankers.

An open offer for the acquisition of an additional stake in a listed company can proceed only after the issue of “observations” by Sebi.

Zuari Fertilisers in April last year had acquired around 10 per cent in the company from SBI group entities in the open market. Deepak Fertilisers followed Zuari by picking up 24.46 per cent in the company, held through investment firm SCM Soilfert. Soon, the Zuari group hiked its stake to 16.43 per cent.

In April this year, Deepak Fertilisers had announced an open offer to buy another 26 per cent in MCFL at a price of Rs 63 per share.

Astra Zeneca

Suspecting violation of norms to check fraudulent and unfair trades, Sebi has ordered close monitoring of a proposed delisting of Indian unit of global pharma giant AstraZeneca.

Sebi said there appeared to have been a concerted attempt by the Swedish promoters of AstraZeneca Pharma India and a Hong Kong-based fund house Elliott Group during a previous offer for sale of the company’s shares.

 
 
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