The Hindu Business Line : Only 50% response to Malco offer

JUST 50 per cent of the minority shareholders of Madras Aluminium Company have responded to the offer made by Twinstar Holdings, the Sterlite group company, to buy them out in a bid to de-list the company.

According investment banking sources, all the bids to the reverse book building offer were received at prices above the floor prices.

Details of the bids received at various prices were not available. Today was the last day of the reverse book building. Sources said most of the bids were received in the price band of Rs 230-300.

Details of the reverse book building on the NSE shows that 22.48 lakh shares were offered compared to the issue size of 45 lakh shares. The issue size constituted 20 per cent of the company's equity.

Twinstar Holdings had offered to buy 45 lakh shares with floor price being Rs 181.

In today's trading on the BSE, the stock price of the company gained 6.98 per cent to close at Rs 239.10.

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