Hindalco Industries launched a qualified institutional placement QIP of new shares on Thursday, turning to stock market investors for fresh capital ahead of an imminent debt repayment exercise which begins later this month.
India’s largest aluminium producer has capped the fundraising amount at $500 million, which is about two-thirds of the Rs50 billion $748 million quota approved by the board of directors late last year. The cash call could boost its cash level by nearly 80% to $1.1 billion from the current $644 million.
The new shares will be offered at a floor price of Rs183 $2.74 per share, implying a 3.4% discount to the stock’s Thursday...
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