Hindalco gives Open offer to public shareholders
To acquire 25.5 percent stake in Indal
Hindalco Industries Ltd (Hindalco) alongwith its wholly owned subsidiary Renukeshwar Investments and Finance Ltd (RIFL) is making a voluntary offer to the public shareholders of Indian Aluminium Company Ltd (Indal) to acquire 25.5 percent of the balance share capital. Hindalco presently holds 74.5 percent equity shares in Indal as on the date of this Public Announcement.
In June 2000, Hindalco acquired controlling stake of 54.6 percent comprising of 38.84 million shares from Alcan in Indal and further, 14.22 million shares (20 percent stake) in the resultant Open offer to the shareholder of Indal in terms of SEBI (SAST) Regulations. RIFL presently holds 7900 (0.01 percent) shares in Indal as on the date of this Public Announcement. If pursuant to this offer of acquisition of shares, the public shareholding falls to 10% or below, of the voting capital of Indal, Hindalco will make a second Offer to buy out the remaining outstanding shares.
