Hindalco Industries Ltd to raise Rs. 5000 crores through QIP

The Board of Directors of Hindalco Industries Ltd at its meeting held on July 18, 2014, has approved raising of funds for an amount not exceeding Rs. 5,000 crores through issuance of securities including Equity Shares or equity linked securities, including through a qualified institutions placement under the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 (the "SEBI ICDR Regulations"), and/or issuance of 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 pursuant to the provisions of Section 62(1)(c) and other applicable provisions, if any, of the Companies Act, 2013, and the provisions of the Memorandum and Articles of Association of the Company, the Listing Agreements and in accordance with the SEBI ICDR Regulations and in such manner and on such price, terms and conditions as may 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.

The Company has called a meeting of the members of the Company on August 14, 2014 to approve the aforesaid.

Shares of HINDALCO INDUSTRIES LTD. was last trading in BSE at Rs.184.55 as compared to the previous close of Rs. 188.75. The total number of shares traded during the day was 1117828 in over 13184 trades.

The stock hit an intraday high of Rs. 187.5 and intraday low of 183.75. The net turnover during the day was Rs. 206609438.

Source : Equity Bulls

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