During mid-April PeacockChemicals had advanced a ICD of Rs 1 crore to AECIL and 22,03,132 shares of the company and 96,82,550 shares of AECEL were pledged against the loan. After AECIL defaulted on the loan, the pledged shares were transferred to Peacock Chemicals. On equity capitals of Rs 6.31 crore and Rs 29.95 crore for AECIL and AECEL, respectively, this left Peacock Chemicals with more than 10 per cent stake in the two companies. This, in turn, triggered the Securities and Exchange Board of India's takeover code and made it compulsory for Peacock Chemicals to make an open offer to the shareholders of the two companies. The scrips of the two companies, which are sparsely traded on the bourses, have been trading below par for a long time. The AECIL scrip on the BSE has been trading below par for the last one year with the 52-week high at Rs 11.25. The AECEL scrip, on the other hand, has been trading below par since January 1996 with the 52-week high being Rs 3.25. For the half year ended September 1997, AECIL had earned a netprofit of Rs 1.38 crore from a turnover of Rs 14.15 crore. AECEL, on the other hand, had incurred a loss of Rs 1.63 crore on a turnover of Rs 8.36 crore. The record date for the two offer have been fixed as June 12 while the offers will open on August 3.