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| Hindalco gets shareholders nod for raising Rs 2,900 cr |
| Press Trust of India / Mumbai Nov 17, 2009, 18:04 IST |
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Hindalco Industries, the metals flagship company of the Aditya Birla Group, today said it has received approval from its shareholders for raising funds up to Rs 2,900 crore through issuing securities.
The shareholders, at the extra ordinary general meeting (EGM) of the company held today, resolved "to issue further securities of the company for the amount not exceeding Rs 2,900 crore," Hindalco said in a filing to the Bombay Stock Exchange (BSE).
Shareholders of the company also approved to increase the limit of investment by foreign institutional investors (FIIs) to 40 per cent from 24 per cent in the company's equity share capital, it said.
Last month, the company's board has approved raising of long term finance by way of Qualified Institutional Placement (QIP) or Global Depository Receipts or other securities with or without green shoe option up to Rs 2,900 crore.
Shares of Hindalco Industries today closed at Rs 135, up 0.60 per cent from its previous close on the BSE.
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