Pune firm buys 24.46% stake from open market to become largest shareholder.
The low-profile chief of Deepak Fertilisers on Wednesday bought 24.46% shareholding in MCF.
Deepak Fertilizers plans to revise open offer price to beat Mallya-Poddar efforts
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Lawyers say open offer must for twin stake purchase to meet Sebi rules.
The battle for the takeover of MCFL has been going on for one year.
UB Holdings facing a slew of legal cases over its exposure to the loans of now-grounded Kingfisher Airlines and increasing pressure from a consortium of lenders, may be forced to seriously go ahead with the transaction this time.
Diageo gets assurance, Heineken may seek one, too.
He manages to get back a majority of pledged shares.
The agreement says UB Group and Adventz will have the right of first refusal over each other's shares.
Most analysts, who have long stopped covering UB stocks because of continuing troubles, were surprised to see a sudden spike of up to 20 per cent in their share prices on Tuesday.
Mallya has lived on the edge for long enough to know that his extradition from UK is not a given, says N Sundaresha Subramanian.
If they encash shares, Dutch major Heineken will emerge as single largest shareholder in the company.
'Lending to Mr Mallya was the bankers' season ticket to corridors of power and glamour. Borrowing from them was like a favour Mallya did to them,' says Shekhar Gupta.
While it will most certainly impact his personal credit record, it will also have repercussions for his other businesses and companies he is associated with.
Vijay Mallya has lost control of his companies.
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