Vedanta offers 105 rupees a share in Madras Aluminium

MUMBAI (Reuters) - The founder of Madras Aluminium Co Ltd has set a price of 105 rupees for 20 percent stake in the Indian aluminium maker as part of a delisting offer, the manager of the issue said on Thursday. The founder, Twin Star Holdings, part of the Vedanta Resources Plc Group, plans to delist shares of Madras Aluminium from the BSE and NSE, ICICI Securities Ltd said in a public announcement in the Business Standard. The offer by the founder, who holds 80 percent of the aluminium maker, will open on March 17 and close March 20, according to the notice. Shares in Madras Aluminium were trading 5 percent up at 94.95 rupees at 10:05 a.m. on Thursday.