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Hindalco to issue 20 lakh securities to Indal shareholders

Hindalco to issue 20 lakh securities to Indal shareholders
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First Published: Fri, May 09 2008. 12 46 PM IST
Updated: Fri, May 09 2008. 12 46 PM IST
PTI
Mumbai: Aditya Birla flagship firm Hindalco Industries has alloted 20.33 lakh securities to the shareholders of Indian Aluminium Company Ltd (Indal).
“The committee of directors at its meeting on 3 May, approved the issue of 376 equity shares and 20,32,734 preference shares to the shareholders of Indal,” Hindalco said in a filing to the Bombay Stock Exchange.
The merger of Hindalco with Indal was made effective on 25 March and on 3 April, Hindalco informed that the scheme of amalgamation has been approved by the Bombay and Kolkata High Courts.
Earlier on 31 July, 2007, the board of directors had approved Indal’s merger with Hindalco. The board had also approved the issuance of one preference share of Rs2 each of Hindalco against one share of same value held by Indal shareholders.
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First Published: Fri, May 09 2008. 12 46 PM IST