Hindalco Industries clarifies on news item regarding Utkal Alumina

With reference to the news item appearing in a press article titled "Hindalco may buy out Alcan in Utkal Alumina", Hindalco Industries Ltd has clarified that the reported divestment by Alcan of its stake in Utkal Alumina is true.

However, in terms of the Shareholders' Agreement between the Company and Alcan, the Company has pre-emptive purchase rights over Alcan's shareholding. Alcan has notified its desire to commence the sole process.

The Company is yet to evaluate the terms and conditions and make recommendations to the Board of the Company.

The stock was trading at Rs.145.40, up by Re.0.70 or 0.48%. The stock hit an intraday high of Rs.146 and low of Rs.144. The total traded quantity was 217160 compared to 2 week average of 764623.

Source : Equity Bulls

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