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.

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"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.

The price, terms and conditions of the issue would be determined by the board, it added.

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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