IndiaSphere

Ess Dee Aluminium (EDAL), a packaging firm, has acquired 90% stake in Kolkata-based aluminium foils maker India Foils from the Anil Agrawal led Vedanta group. The stake in the ailing India Foils will be acquired for a sum of Rs 130 crore. The sale of of India Foils has been approved by Board for Industrial & Financial Reconstruction (BIFR), which was overlooking the revival of the firm.
Ess Dee raised Rs 81 crore in private equity from Morgan Stanley in September  last year, selling a 5% stake. On Friday, US-based hedge fund Apis Capital also bought a 2.27% stake in the firm for around Rs 9 crore. After the news of of finalisation of deal came out yesterday, the share price of Ess Dee shot up by 9%.
Under the deal Ess Dee will buy 52% stake through subscription of fresh shares, while the rest 38% would be ... [Follow Original Article link for full content.]