Sterlite Industries is likely to revise its offer price for a 20 per cent stake in Indian Aluminium (Indal) to Rs 120 a share, in response to Alcans counter-offer of Rs 105 a share.
Alcan had announced its counter-bid on March 4. On February 16, Sterlite had offered Rs 90 a share for 10% in Indal. Sterlite later hiked the open offer to 20% at Sebis insistence, but maintained the minimum acceptance level at 10 per cent.
However, sources close to Sterlite said nothing had been finalised yet. The status quo is being maintained. The final decision will be taken only after scrutinising the Alcan offer, the sources said. Meanwhile, Alcan has already submitted its counter-offer proposal to Sebi. The Indal board, which will meet on March 12, is expected to discuss both Sterlites offer and Alcans counter-offer.
It is learnt that when the representatives of Alcan and Sterlite met the FIs, the institutions hinted at a price of Rs 150 to shed their stake. Thus, Alcans bid of Rs 105 disappointed the market.
Sterlite was trading at Rs 213 in kerb deals on Saturday, against the previous BSE close of Rs 202. The scrip had crashed on both the major bourses on Friday: at Rs 202 (Rs 216.90) on the BSE and Rs 203.20 (Rs 224.20) on the NSE.
