Hindalco QIP increased to $600 million

Hindalco Industries, India's largest aluminium producer and also one of the leading producers of copper, has raised $600 million from a qualified institutional placement that was upsized by more than 70% following strong demand from foreign investors in particular. The company said it will use the money to fund various aluminium projects and for the acquisition of new assets.   

Hindalco launched the placement late on Monday night at a base size of $350 million, but with the option to sell a further $250 million worth of shares in case of demand. When the books closed yesterday morning, it had received about $700 million worth of orders and, according to sources, the high...