Article Abstract:
Sterlite Industries Ltd (SIL) plans to merge with Indian Aluminium (Indal), if its revised open offer is accepted by Indal. SIL had increased its offer price for Indal to Rs221 with Rs131 in cash and Rs90 in optionally convertible preference shares on May 25, 1998. Alcan of Canada has also increased its offer price by 50 percent to Rs175 per share. SIL will fund the takeover through funds of Rs370 crore from Department of Telecommunication, Rs333 crore from the OCPS issue, through internal accruals and small borrowings. (gsh)
Comment:
Increases offer price for Indian Aluminium to Rs221 w/ Rs131 in cash & Rs90 in optionally convertible preference shares
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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
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Article Abstract:
Sterlite Industries (SI) is negotiating to buy Mount Lyell copper mines located in Tasmania and Australia. SI is planning to take over the mines before the end of March 1999. SI has been importing copper ore for its Rs1,000 crore copper smelter at Tuticorin which has a capacity to refine 100,000 tonnes per annum (tpa) of copper anodes. Mount Lyell Copper Mines produces 36,000 tpa of copper ore. The copper mines will be solely held by SI. (rk)(m)
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