Hindalco plans share sale to raise INR 5,000 crore

Hindalco Industries Limited, the metals flagship company of the Aditya Birla Group and a global leader in aluminium and copper, on Friday announced plans to raise up to INR 5,000 crore ($829.5 million) through sale of shares to institutions or through other options.

Hindalco Industries Ltd today informed the Bombay Stock Exchange (BSE) that the board of directors of the company at its meeting today approved raising of funds for an amount not exceeding INR 5,000 crore through issuance of securities, including equity shares or equity-linked securities, including through SEBI-mandated qualified institutions placement.

Alternatively, the company said, it may issue equity shares through convertible bonds, depository receipts and/or any other instrument convertible or exchangeable into equity shares, and/or other securities with or without warrants, to eligible investors subject to the approval of the members of the company.

The pricing and other terms and conditions of the issue will be determined by the board or a duly appointed committee of the board in accordance with the SEBI ICDR Regulations and / or other applicable provisions of the law, it added.

Hindalco has called a meeting of the members of the company on 14 August to approve the proposed capital issue.

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