Sterlite fails in Malco delisting bid

In a major setback to the Anil Agarwal-controlled Sterlite group, the delisting offer made by Twinstar Holdings Ltd (THL) to acquire full co...

In a major setback to the Anil Agarwal-controlled Sterlite group, the delisting offer made by Twinstar Holdings Ltd (THL) to acquire full control of Madras Aluminium Company (Malco) has failed.

THL on Wednesday said it had decided not to proceed with the offer and it will return all Malco shares it bought through the reverse book-building process to the original holders. Malco will continue to remain listed on bourses.

According to the provisions in Sebi’s delisting guidelines, if public holding falls below 10 pc in a company, it can go for delisting. However, in this case, THL could mobilise additional 5.56 pc of the equity in the demat form and 0.10 pc in the physical form. It has fixed an exit price of Rs 240 per share as majority of the shares were offered by Malco shareholders were at this price.

THL is a part of the Vedanta Group and holds 80 pc stake in Malco. The acquirer had set a floor price of Rs 185 a share for the reverse book-building.

Indian techie shot dead by police in US’ California; family urges MEA to bring back body

World2 hr ago

A 30-year-old man from Telangana, Mohammed Nizamuddin, was allegedly shot dead by police in Santa Clara, California. His father, Mohammed Hasnuddin, is seeking assistance from the Indian and Telangana state governments to bring back his son's body. The exact circumstances of the incident remain unclear, but Nizamuddin's father has appealed to the Ministry of External Affairs for help.

View all shorts

Live Blog