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MUMBAI: Hindalco Industries said on Friday it has alloted 20.33 lakh securities to the shareholders of Indian Aluminium Company Ltd (Indal).

The committee of directors at its meeting on May 3, approved the issue of 376 equity shares and 20,32,734 preference shares to the shareholders of Indal, Hindalco Industries said in a filing to the Bombay Stock Exchange.

The merger of Hindalco with Indal was made effective on March 25 and on April 3 Hindalco Industries had said that the Bombay and Kolkata High Courts have approved the scheme of amalgamation between Indal and Hindalco.

Earlier on July 31, 2007, the board of directors had approved Indal's merger with Hindalco. The board had also approved the issuance of one preference share of Rs 2 each of Hindalco against one share of same value held by Indal shareholders.

Shares of Hindalco were trading at Rs 177.25, down 1.56 per cent on the BSE in afternoon trade. - PTI

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Hindalco to gain from merger in long term

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