FIs LOSE INDAL AS ALCAN TAKES OVER

Article Abstract:

The stake of the three financial institutions (FIs), UTI, LIC and GIC, in Indian Aluminium Company Ltd (Indal) has declined from 36.1 percent to 20.6 percent after Alcan Aluminium Ltd (Alcan) of Canada acquired majority stake in Indal through an open offer. The decline in the stake of FIs below 26 percent means that they can no longer influence any crucial resolutions made by the board of Indal. The open offer of Alcan at Rs200 per share received the response of nearly 47 percent of Indal's shareholders. Alcan has invested Rs285 crore to acquire the additional stake through the open offer. (rs)

Comment:

Acquires majority stake in Indian Aluminum through an open offer that lowers stake of UTI, LIC & GIC in latter to 20.6%

ALCAN OUTDOES STERLITE, STRIKES DEAL WITH FIs FOR INDAL STAKE

Article Abstract:

Alcan of Canada acquired a majority control in Indian Aluminium Company (Indal) by increasing its holding to 54.6 percent from 34.6 percent on June 2, 1998. Indal's shares were acquired in the open market for Rs200 per share. Alcan got a 40 percent response to its open offer, including 36.1 percent from financial institutions (FIs). Since the Foreign Investment Promotion Board had given Alcan permission to acquire 20 percent stake in Indal, the FIs will tender their shares proportionately. (khr)

Comment:

Acquires majority control in Indian Aluminium by increasing holding to 54.6% from 34.6% on 6/2/98

Canada

INDAL, HYDRO TO BUY IPICOL STAKE IN ORISSA EXTRUSIONS

Article Abstract:

Industrial Promotion and Investment Corporation of Orissa Ltd (IPICOL) plans to sell its 12 percent stake Orissa Extrusions Ltd (OEL). The stake will be acquired by Indian Aluminium Co Ltd (Indal) and Hydro Aluminium of Switzerland at Rs22 per share. Indal which holds a 25 percent stake in OEL, has sought its shareholders' permission for raising its stake. During 1996-97, IPICOL posted a loss of Rs2.2 crore and negative reserves of Rs12.14 crore. (ag)

Comment:

Will acquire stake of Industrial Promotion & Investment of Orissa in Orissa Extrusions at Rs22 per share, India

Foreign operations, Switzerland, Orissa Extrusions Ltd., Hydro Aluminium S.A., Industrial Promotion and Investment Corporation of Orissa Ltd.