Sterlite, Indal offers cleared

MUMBAI, April 23: The takeover battle over Indal entered a decisive phase on Thursday with the Sebi clearing the offer documents of Alcan and Sterlite Industries and instructing merchant bankers of both firms to open the offer on May 4.

Both Alcan and Sterlite have been advised by Sebi to distribute the offer documents to Indal shareholders within the next 10 days. While Sterlite has made an offer at Rs 115 per share for 20 per cent Indal8217;s capital base, Alcan8217;s offer price is Rs 105 per share for increasing its stake from 34.6 per cent to 53 per cent. Both the parties can revise their offer within 21 days of the opening of the offer.