ESS DEE Aluminium

Becomes Largest --By Acquisition

Posted by : rvk41
Price when posted : BSE: Rs 138.50 ( -4.48 % ), NSE: Rs. 137.45 ( -5.14 % )

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Ess Dee Aluminium has acquired India Foils (IFL) from Madras Aluminium (Malco).

Under the BIFR-sanctioned rehabilitation scheme, Ess Dee and Malco have equally infused Rs 2.61 billion in India Foils, in the form of equity and preference shares.

This infusion has made India Foils` net worth positive and helped it come out of BIFR net. Ess Dee also said it will shortly restart the closed foil stock and rolling plant of India Foils in West Bengal.

The acquisition makes Ess Dee the country`s largest pharmaceutical foils company.

For information,with regards
rvk41...

NSE Announcements on ESS DEE

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Price when posted : [ESS DEE - BSE:Rs. 145.05 NSE:Rs. 144.90 when posted]

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Ess Dee Aluminium Limited has informed the Exchange that: "Ess Dee Aluminium Limited (EDAL) today announced that pursuant to the Scheme of Rehabilitation of India Foils Limited (IFL) approved by the BIFR vide its order dated August 18,2008 it has acquired majority stake in IFL from Madras Aluminium Limited (MALCO) a Vedanta Group Company thereby making IFL EDALs subsidiary. Under the rehabilitation scheme, EDAL and MALCO have infused about Rs.261 crores in IFL in the form of Equity and Preference shares to repay all existing lenders of IFL, making it debt free. With this, the net worth of IFL has become positive. The shutdown foil stock and rolling plant of IFL at Hoera in West Bengal will be restarted using the funds infused. The revival of plants will commence shortly. IFL enhances EDALs rolling capacity from the existing 18000 tonnes to 37000 tonnes spread across 5 manufacturing facilities and thus making it India,s largest pharmaceutical foil manufacturing company....

BSE Announcements on ESS DEE

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Price when posted : [ESS DEE - BSE:Rs. 145.05 NSE:Rs. 144.90 when posted]

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Ess Dee Aluminium Ltd (EDAL) on November 19, 2008 has announced that pursuant to the Scheme of Rehabilitation of India Foils Ltd (IFL) approved by the BIFR vide its order dated August 18, 2008 it has acquired majority stake in IFL from Madras Aluminium Ltd (MALCO) a Vedanta Group Company thereby making IFL EDALs subsidiary....