Ess Dee issues 5 pc to Morgan Stanley

MUMBAI: Morgan Stanley has picked up 5 per cent preferential equity in Ess Dee Aluminium for Rs 575/share, in a transaction totalling Rs 81 crore.

Ess Dee Aluminium told BSE that its board decided to issue 1.41 million equity shares on a preferential allotment basis to Morgan Stanley. Earlier, foreign fund Fidelity had picked up 5 per cent stake in the company.

The Morgan Stanley move comes close after the company said it is in talks to buy out Vedanta Resources unit India Foils.

The company is also planning to set up a production facility.