RBI Approves Takeover Of Hindalco's Australian Arm By Metal X

Posted By: Staff
Subscribe to GoodReturns

Aluminium maker Hindalco said that Reserve Bank of India (RBI) has approved Australian miner Metal X's improved takeover offer for its subsidiary Aditya Birla Minerals Ltd (ABML).

"The company received RBI's approval and has accepted the offer," Hindalco said in a filing to the Bombay Stock Exchange.

RBI Approves Takeover Of Hindalco's Australian Arm By Metal X
Hindalco Industries: Quotes, News
BSE 253.25BSE Quote4.95 (1.95%)
NSE 253.25NSE Quote4.75 (1.88%)

On April 26, the flagship firm of the Aditya Birla Group had said that Metals X Ltd has proposed an improved takeover bid for its Australian subsidiary.

"Further, the company (ABML) has informed that Hindalco has communicated to ABML its intention to accept the aforesaid offer subject to receiving the approval of the RBI and no bona fide superior proposal being announced by a third party within 5 business days of Metals X announcing its intention to make the aforesaid Offer," Hindalco had said in a filing then.

According to the filing, Metal X offered 1 fully paid ordinary share in Metals X Ltd for 4.5 ABML shares and AUD (Australian dollar) 0.08 in cash for every ABML share held.

The offer was conditional upon Hindalco's acceptance and confirmation that it has obtained the requisite approval from the RBI.

Read more about: hindalco industries
Please Wait while comments are loading...
Company Search
Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'


Get Latest News alerts from Goodreturns