Mangalore Chemicals & Fertilizers (MCF), manufacturer of chemical fertilizers in the state of Karnataka, jumped on Wednesday after Deepak Fertilisers And Petrochemicals Corporation (DFPCL) said that JM Financial Institutional Securities (open offer manager) submitted a copy regarding open offer for acquisition of up to 30 million equity shares of MCF from the public shareholders by SCM Soilfert (acquirer) together with DFPCL with SCM Soilfert.

The SCM Soilfert and DFPCL make this open offer to the public shareholders of Mangalore Chemicals to acquire up to 30 million fully paid up equity shares of face value of Rs 10 each, constituting 26% of the voting share capital.

Shares of the company are trading at Rs 69.20, up Rs 7.25, or 11.70% at the Bombay Stock Exchange (BSE) on Wednesday at 1 p.m.

The scrip has touched an intra-day high of Rs 72.35 and low of Rs 62.50. The total volume of shares traded at the BSE is 2,418,595.

In the earlier session, the shares climbed 1.31%, or Rs 0.8, at Rs 61.95. Currently, the stock is trading down 5.21% from its 52-week high of Rs 73 and above 93.03% over the 52-week low of Rs 35.85.