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India Foils has got a final nod from the Bureau of Industrial and Financial Reconstruction (BIFR) to induct Ess Dee as co-promoter, reports CNBC-TV18 quoting sources. Madras Aluminium and Ess Dee would share Rs 270 crore debt equally.
Ess Dee is not required to make open offer as per CDR norms. Ess Dee Aluminium management has said that they cannot comment on the deal. India Foils management has said that they are stil awaiting BIFR order. Madras Aluminium holds 38.8% stake in India Foils.
CNBC-TV18 Disclaimer:
This information has not been provided to the stock exchanges, and is source-based.
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