Meanwhile, the BSE Sensex was down 39.87 points, or 0.47%, to 8,860.64
On BSE, 67250 shares were traded in the counter with pending buy orders of 1.48 lakh shares at maximum limit. The stock had an average daily volume of 24388 shares in the past one quarter.
The stock hit a high of Rs 94.95 and a low of Rs 93.90 so far during day. The stock hit a 52-week high of Rs 224.80 on 10 September 2008 and a 52-week low of Rs 34.55 on 24 November 2008.
The small-cap stock outperformed the market over the past one month till 25 February 2009, gaining 32.14% as compared to the Sensex's rise of 2.63%. It also outperformed the market in the past one quarter, advancing 130.45% as compared to the Sensex's 2.38% rise.
The company's current equity is Rs 22.50 crore. Face value per share is Rs 2.
ICICI Securities, manager of the issue in a newpaper announcement today, 26 February 2009, said Twinstar Holdings, the promoter, has approved a price not exceeding Rs 105 per share for the delisting offer. Twinstar Holdings, a part of Vedanta Resources Inc, owns 80% of stake in Madras Aluminium Company (Malco). The reverse book building offer will open on 17 March 2009 and close 20 March 2009. The floor price for the reverse book-building offer has been set at Rs 74.77 per share.
On 20 January 2009, Vedanta Resources offered to buy out the remaining 20% stake in Malco as per the Securities & Exchange Board of India (delisting of securities) Guidelines, 2003.
Malco reported a net loss of Rs 7.13 crore in Q3 December 2008 as compared to a net profit of Rs 14.71 crore in Q3 December 2007. Net sales rose 6.8% to Rs 117.48 crore in Q3 December 2008 over Q3 December 2007.
The company is engaged in the business of primary aluminum production.
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