The AV Birla group-promoted Hindalco Industries has
increased its stake in its subsidiary, Indian Aluminium
Company, to 94.3 per cent from the existing 74.5 per cent
through an open offer closed on 12 November 2002. The
total cost of the share acquisition was approximately
Rs 175 crore.
officials say the open offer, made at Rs 120 per share,
received a good response from all institutional shareholders
and around 6,000 retail investors.
Hindalco has acquired more than 90-per cent stake in Indian
Aluminium Company, as per the Securities and Exchange
Board of India regulations, it will be making the mandatory
offer within the next three months to provide an exit
option to the shareholders who could not participate in
this offer. The company would then approach the bourses
for delisting of shares of Indian Aluminium.