Madras Aluminium Company Ltd has opened at its upper circuit of 5 per cent at Rs 59.15 on Tuesday at the promoters proposal to acquire balance shares.
In the last one month, the stock has gained 23 per cent. The BSE benchmark Sensex was down nearly 250 points in the few minutes of trade today.
According to Sebis delisting guidelines, Malco received a proposal from Twinstar Holdings Ltd to acquire the balance 20 per cent equity in the board meeting held on January 19.
Twinstar Holdings is the promoter of Malco and part of Vedanta Resources Plc.
It has 80 per cent stake in the company.
According to the shareholding pattern as on Dec 31, 2008, mutual funds hold a little over 1 per cent in the company, while retail investors have around 3.84 per cent. FIIs also have a stake of 11.21 per cent.
Recently Malco temporarily suspended its entire alluminium production due to the fall of LME alluminium prices and higher input costs and production cost. It also transferred the management control of India Foils Ltd, in which it had a controlling stake, to ESS DEE Aluminium Ltd.
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