INDIA FOILS TO SELL OFF PORTFOLIO AS PACKAGE DEAL

Article Abstract:

India Foils Ltd of the Williamson Magor Group has decided to sell its entire portfolio of quoted and unquoted shares and securities as a package deal. The sale of the portfolio investment, whose book value was Rs34 crore as on March 31, 1998, is a part of the company's capital and financial restructuring to come out of debt of Rs288 crore. The company, which produces aluminium foils, showed a loss of Rs3.9 crore in 1997-98 due to its high interest cost of Rs37.9 crore and depreciation of Rs14.86 crore. (khr)

Comment:

Decides to sell its entire portfolio of quoted and unquoted shares and securities as a package deal

Securities issued, listed

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AV BIRLA GROUP TO RECAST INDIA FOILS BOARD

Article Abstract:

The Aditya Vikram Birla group is to restructure the board of India Foils Ltd (IFL). The group is acquiring 51 percent stake of IFL through a private allotment of preferential shares. IFL will have a new chief executive officer (CEO), whose post had remained vacant since the death of the incumbent. Now, IFL has a market share of more than 45 percent in foil market in India. Its turnover in 1997-98 was Rs326 crore. Exports accounted for more than 10 percent of IFL's turnover. (gsh)

Comment:

Board will be restructured by Aditya Vikram Birla group after it acquires 51% stake via private allotment of preferential shares

Asset sales & divestitures

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