Aditya Birla Group firm Hindalco Industries today said it is planning to raise Rs 2,400 crore (about $500 million) through issue of shares to qualified institutional buyers on private placement basis.

"The board has approved qualified institution placement to eligible investors up to amount not exceeding $500 million," copper and aluminium producer Hindalco Industries said in a filing to the Bombay Stock Exchange.

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Shares of Hindalco Industries today closed at Rs 84.55, up 1.38 per cent from its previous close on the BSE.

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