DFPCL plans to raise Rs. 1,000 cr for expansion, diversification.

Deepak Fertilisers has sought approval of its shareholders for raising Rs. 1,000 crore from the market during the current financial year 2014-15 for its expansion and diversification.

The Pune-based company, which is listed as Deepak Fertilisers & Petrochemicals Corporation Ltd. (DFPCL), has also moved a proposal to double the borrowing powers of its board to Rs. 1,000 crore.

It may use these funds to finance its plans for doubling complex fertiliser capacity to six million tonnes per annum.

As of now a two-way fight is on for the takeover of MCFL between Deepak Fertilisers which presently has 25.31% stake in the company and has made an open offer to buy an additional 26% at Rs. 63 per share, totalling Rs. 194 crore.

Meanwhile, Saroj Poddar-led Zuari group has teamed up with UB Group, the original promoters of MCFL, in its offer to buy a 26% stake for Rs 68.55 a share, for a total of Rs. 211.22 crore in MCFL.

BS