The Hindu Business Line : Vedanta to hike stake in Malco to 93.2%

NEW DELHI: NRI billionaire Anil Agarwal-led Vedanta Resources on Monday said it will hike stake in its group firm Madras Aluminium by 13.2 per cent to 93.2 per cent for a consideration of Rs 171.35 crore.

“Vedanta has accepted the discovered price of Rs 115 per equity share and intends to acquire approximately 14.9 million shares (representing 13.2 per cent stake) of Malco tendered at the discovered price,” the metals and mining major said in a statement here today.

The firm added it will apply to the domestic stock exchanges for delisting Malco from the bourses.

“Application for delisting Malco will be made to the Indian stock exchanges and Malco shares will be delisted once the requisite approvals have been received,” it added.

Last month, Vedanta Resources had made an offer to the shareholders of Malco through its arm Twin Start Holdings to acquire 20 per cent stake in the firm. The metals and mining major at present holds about 80 per cent stake in Malco. The buy-back offer w ould start on March 26 and end on April 9, the statement added. -PTI

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