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M. Ramesh

Karaikudi, May 25

Even as the capacity of Madras Aluminium Company Ltd (Malco) is being raised, the Vedanta group, which owns 80 per cent in the company, is mulling options of either a buy-back of the remaining 20 per cent or diluting a further five per cent.

“We are keeping our options open,” Mr Suresh Rathi, CEO and wholetime Director, Malco, told Business Line here on Sunday, on the sidelines of a press conference.

Mr Rathi said that the company was not under any statutory obligation to bring down its stake to 75 per cent to stay listed in the stock exchanges, because Malco was acquired from the BIFR. Recently, Malco’s board of directors decided to split each share of Rs 10 of the company into five shares of Rs 2. The company will take a decision on whether or not to dilute a further five per cent, Mr Rathi said. He said that the cost of the expansion project is about Rs 300 crore. The project includes raising Malco’s captive power capacity from 75 MW to 100 MW, Mr Rathi said.

More Stories on : Buyback | Aluminium

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