It is a classic case of caught between a rock and a hard place for the flamboyant Vijay Mallya.
Struggling to keep control over most of his prized assets, liquor baron Vijay Mallya is likely lose hold over probably his only profit making venture -- Mangalore Chemicals and Fertilisers (MCFL) -- next month as Zuari-UB group combine and Deepak Fertilisers launch their open offers to buy controlling stake in the company.
Kolkata-based industrialist Saroj Kumar Poddar, a close friend of Mallya, announced a joint counter-bid to take on Deepak Fertilisers , which had on 23 April launched a hostile bid for Mangalore Chemicals at Rs 63 a share.
Since last year, Zuari and Deepak Fertilizers are picking up shares of MCFL. Zuari's stake went up to 16.43 per cent while that of Deepak Fertilizers rose to 24.46 per cent. Earlier this year in April, Deepak Fertilizers acquired 10 lakh more shares from the market, taking its share beyond 25 per cent after which it announced an open offer to buy 26 per cent more shares.
Zuari and UB Group combine hold around 39 per cent of MCFL shares. Both Deepak Fertilizers and Zuari open offers have received Competition Commission of India (CCI) nods.
Now here's why Mallya is likely to lose, no matter who wins the open offer battle. Mallya and Poddar had an understanding that Zuari would allow the struggling tycoon to continue as chairman, and appoint three directors to MFCL board, if it picks up the 26 per cent stake.
However, since United Bank of India declared Mallya a 'wilful defaulter' , which means he cannot be on board of any company even if the majority stakeholders support him, Zuari is likely to take full control, i.e. if it wins the bidding war, sans Mallya on board.
In the event of Deepak Fertilisers' offer becoming successful, the UB group will lose control over MCFL. It is a classic case of caught between a rock and a hard place for the flamboyant Vijay Mallya.
Also Read: Vijay Mallya shouldn't continue on USL board: IiAS
Mangalore Chem stock price
On September 25, 2014, at 14:10 hrs Mangalore Chemicals and Fertilisers was quoting at Rs 73.05, down Rs 2.1, or 2.79 percent. The 52-week high of the share was Rs 78.40 and the 52-week low was Rs 48.25.
The company's trailing 12-month (TTM) EPS was at Rs 6.18 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 11.82. The latest book value of the company is Rs 53.65 per share. At current value, the price-to-book value of the company is 1.36.
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