The Hindu Business Line : Hindalco to raise Rs 2,900 cr

The board of directors of Hindalco will meet on November 17 to consider a proposal to raise Rs 500 crore more than the earlier proposal of Rs 2,400 crore. “The board has approved raising long-term finance by way of qualified institutional placements, global depository receipts or other securities, with or without the Green Shoe Option up to Rs 2,900 crore, instead of the earlier approval of Rs 2,400 crore,” the company said in a statement on BSE. Besides, the c ompany’s board has also given its nod for raising the investment limit of foreign institutional investors (FIIs) in the company to 40 per cent, subject to the necessary approval of the company’s shareholders. The shares of Hindalco Industries were down 0.26 per cent at Rs 135 on the BSE on Thursday.

– Our Bureau

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