Deepak Fertilisers has failed to acquire the targeted 26 per cent additional stake in UB group-run Mangalore Chemicals and Fertilisers (MCF).
While Deepak is yet to release the final tally, market sources say the company mopped up less than 10 per cent through open offer. This is over and above its 25.3 per cent stake in MCF.
Post open offer, Deepak Fertilisers' shareholding in MCF stands at less than 35 per cent against 37 per cent of Zuari-UB combine. United Breweries has approximately 22 per cent control in MCF followed by over 16 per cent of Zuari.
Meanwhile, sources say Zuari-UB combine has also received participation in the open offer that was ₹12 a share lower than the counter offer from Deepak.