MUMBAI/CALCUTTA, April 29: Alcan Aluminium Ltd (Alcan), the single largest shareholder of Indian Aluminium Ltd (Indal), today increased its offer price to Rs 120 per share of Indal from its original offer of Rs 105. The offer to acquire up to 1,42,22,400 ordinary shares (representing 20 per cent of the company's stocks) of Indal opens on May 4 and closes on June 2, to which the Securities and Exchange Board of India (SEBI) has already given its approval."The revised offer reaffirms Alcan's resolve to acquire a majority stake in Indal," the Canadian company said in a statement. All other announcement made on March 9 remains unchanged, the statement said.Earlier, Mumbai-based Sterlite Industries had made a hostile takeover bid on Indal to buy out its 20 per cent equity at a price of Rs 90 per share. Later, as a counter bid to Sterlite's offer, Alcan agreed to buy out the company's equity at Rs 105 per share. However, Sterlite again revised its offer price to Rs 115 per share.Meanwhile, the net profitof Indal has recorded a 21 per cent rise for the year 1997-98 at Rs 71.3 crore. In the previous year, the company registered Rs 59.1 crore in its profit after tax.While announcing the financial results in Calcutta today, Mitra told reporters that the increase in the net profit was due to better working capital management and higher capacity utilisation. For the year 1997-98, the company notched up a sales and operating revenue of Rs 1,162.5 crore, which is marginally higher than the previous year, standing at Rs 1,155.5 crore. The interest burden on the company came down considerably, which stands at Rs 39.9 crore in 1997-98 (Rs 48 crore). The company earned foreign exchange equivalent to Rs 226.5 crore. Suresh Thadani, chief financial officer of Alcan said that he did not agree with the view forwarded by the Indal Vice Chairman and Managing Director, Tapan Mitra that the scrip should touch Rs 200 on the basis of the company's EPS.
