Mumbai: The AV Birla group-promoted Hindalco Industries has increased its stake in its subsidiary, Indian Aluminium Company, to 94.3 per cent from the existing 74.5 per cent through an open offer closed on 12 November 2002. The total cost of the share acquisition was approximately Rs 175 crore.

Company officials say the open offer, made at Rs 120 per share, received a good response from all institutional shareholders and around 6,000 retail investors.

Since Hindalco has acquired more than 90-per cent stake in Indian Aluminium Company, as per the Securities and Exchange Board of India regulations, it will be making the mandatory offer within the next three months to provide an exit option to the shareholders who could not participate in this offer. The company would then approach the bourses for delisting of shares of Indian Aluminium.