Hindalco up 5% on Metal X's improved takeover offer for arm

Shares of aluminium maker Hindalco today rose by nearly 5 per cent after the company said it will accept Australian miner Metal X's improved takeover offer for its subsidiary Aditya Birla Minerals.
The stock gained 4.93 per cent to settle at Rs 103.15 on BSE. During the day, it surged 5.18 per cent to Rs 103.40.
At NSE, it went up by 4.82 per cent to close at Rs 103.15.
On the volume front, 13.34 lakh shares of the company changed hands at BSE and over one crore were traded on NSE during the day.
In a regulatory filing, Hindalco said Metal X, a listed company in Australia, has made an announcement regarding its "intention to improve its ongoing takeover offer for acquiring shares of ABML under the relevant laws of Australia".

Metal X has 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 filing added.
The above offer is conditional upon Hindalco's acceptance and confirmation that it has obtained the requisite approval of Reserve Bank of India in this regard.