HINDALCO CLOSE TO ACQUIRING 45% STAKE IN INDIA FOILS
Article Abstract:
Hindalco Industries Ltd (HIL) is about to acquire 45 percent stake in India Foils Ltd (IFL) of Calcutta. IFL, a BM Khaitan group company, plans to issue 90 lakh equity shares of Rs10 each at a premium of Rs35 each to HIL. It will also be offering 55 lakh warrants. The warrants can be converted into equity shares of Rs10 each at a premium of Rs35 per share on a private placement basis. Currently, the foreign holding in IFL is 2.01 percent while public holding is 12.25 percent. The financial institutions hold a 19.53 percent while the corporate bodies hold a 65.26 percent and the directors hold 0.95 percent. During 1997- 98, IFL posted a sales of Rs319 crore and a net loss of Rs4 crore. (ag)
Comment:
Aluminum firm is about to acquire 45% stake in India Foils of Calcutta, India
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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INDAL DIVESTS MAJORITY STAKE IN IEL TO AT&S
Article Abstract:
Indian Aluminium Company Ltd (Indal) of Calcutta is divesting its majority stake in Indal Electronics Ltd (IEL) in favour of Austria Technologie Systemtechnik, a $200 million manufacturer of printed circuit boards (PCBs). The Nanjangud-based IEL exports PCBs to companies like US Robotics, Honeywell, Nokia and Hewlett Packard. It posted a net profit of Rs2.6 crore on a turnover of Rs19 crore in the first quarter of 1998-99. (khr)
Comment:
Will acquire majority stake of Indian Aluminium in Indal Electronics, India
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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