Merril picks up 4.99 pc stake in Parekh Aluminex

Mumbai, Oct 5: Merril Lynch has picked up 4.99 per cent stake in Parekh Aluminex (PAL), makers of Aluminium Foil Containers, market sources said.

Merril Lynch, a European outfit, has acquired the equity stake in PAL from secondary market at about Rs 205 per share, sources said.

PAL is a decade old company having established its Aluminum Foil Containers (AFC), lids and Aluminium Foil Rolls (AFR's) manufacturing facilities at Union Territory of Dadra&Nagar Haveli. PAL is the largest manufacturer and exporter of AFCs in India.

When contacted, Andrew Holland of the DSP Merril Lynch declined to offer his comment on, secondary market transactions of the Merril Lynch. ''I have no comments on market transactions'', he said.

UNI