Hindalco surges on improved take over offer for Australian subsidiary
Company's shares surged upto 4% amid reports that the company has received an improved bid from Metal X to take over its subsidiary Aditya Birla Minerals.
By ET Online |
NEW DELHI: Shares of Hindalco closed higher by 4.63 per cent on Tuesday amid reports that the company has received an improved bid from Metal X to take over its subsidiary Aditya Birla Minerals.
Media reports said the improved offer will see Metal X pay $0.329 per share for ABML’s shares and one Metal X share for every 4.5 AMBL shares. ABML is listed on the Australian Stock Exchange.
Reacting to the reports, Hindaclo shares climbed 5.23 per cent to hit a high of Rs 103.30 on the BSE.
Hindalco owns majority stake of 51 per cent in ABML and has informed its subsidiary that it intends to accept the improved offer with three days.
Media reports said the improved offer will see Metal X pay $0.329 per share for ABML’s shares and one Metal X share for every 4.5 AMBL shares. ABML is listed on the Australian Stock Exchange.
Reacting to the reports, Hindaclo shares climbed 5.23 per cent to hit a high of Rs 103.30 on the BSE.
Hindalco owns majority stake of 51 per cent in ABML and has informed its subsidiary that it intends to accept the improved offer with three days.
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