The 36.6 per cent stakeholders of Indal, Unit Trust of India, Life Insurance Corporation and General Insurance Corporation began a day-long meeting on the fine print of the Rs 221 offer by Sterlite. A decision to sell FI stake is expected by the weekend. FIs have seven days to decide on the next course of action.

On the BSE today, fuelled by Sterlite's Rs 221 offer, Indal scrip triggered the circuit breaker as it touched Rs 151 in the early morning trades. Similarly, Sterlite Industries went up by 9.97 per cent to touch Rs 347.50 on Monday as compared to its previous closing of Rs 316.

On the other hand, Alcan plans to resort to a negotiateddeal as it failed to match the price offered by Sterlite. Sterlite has already outbid Alcan for the takeover of Indian Aluminium by offering a better price.

Alcan also petitioned to the SEBI on Monday on Sterlite's revised offer saying that by revising the bid size from 20 per cent to 52.03 per cent, Sterlite has changed the `objective' of the open offer. Hence, it has violated the SEBI's takeover code. SEBI officials are studying the complaint made by Alcan and its merchant bankers, sources said.

Alcan and Indal officials are countering Sterlite's bid price by saying the latter's offer to pay Rs 131 in cash betters Alcan's bid only by Rs 15 and the minimum Rs 350 conversion price for optionally convertible preference shares (OCPS) would require subscribers to its offer Rs 260 per share to acquire Sterlite shares, which closed at Rs 357.50 on the Bombay Stock Exchange.