Mumbai, April 22: Even as the Securities and Exchange Board of India (SEBI) cleared the offer document of India Cements for the acquisition of Raasi, Sterlite Industries was unable to submit its revised offer on Wednesday. Hectic negotiations between the financial institutions and Sterlite Industries is cited as the main reason for the delay.SEBI officials say that the Sterlite's revised bid offer was to land in their office on Monday but till Wednesday evening, there was no sign of the offer document. Sterlite has made an offer to buy 20 per cent stake in Indian Aluminium for Rs 115 as compared to Rs 105 offered by Canadian aluminium firm -- Alcan.
Alcan already has 34.6 per cent stake in Indal, and as per a letter addressed by Indal's MD to its top management, the Canadian firm is expected to make a revised offer soon.
As the key to Indal's takeover is with the Indian financial institutions -- who hold 36 per cent stake -- both Sterlite and Alcan are wooing the FIs to sell its shares. Sources say thefinancial institutions are waiting for a better offer from both the parties and a negotiated deal with either company will be signed soon. In order to step up pressure on the FIs, both Sterlite and Alcan are meeting the officials from the finance and the industry ministry. Sources say as the new government at the Centre is not in the favour of giving the company to a MNCs, it would be difficult for Alcan to get the Indian company.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
