On Wednesday Deepak Fertilisers with continuing its exit from the Vijay Mallya-led UB Group sold another 5.2% stake in Mangalore Chemicals and Fertilizers Ltd for over Rs 53 crore.

Deepak Fertilisers is a pune based firm which has been competing with industrialist Saroj Poddar-led Zuari group for taking control of the MCFL since July 2013. On Monday Deepak Fertilisers had offloaded 12.1% stake in MCFL.

Moreover the company held MCFL shares through its subsidiary SCM Soilfert Ltd.

The shares of company were sold at an average price of Rs 87.04 apiece, the transaction valued at Rs 53.45 crore. At the end of December 2014 quarter SCM Soilfert held 3.44 crore shares in MCFL which represents 29.05% stake in the company. In January it sold 2.2% stake in MCFL.