Hindalco increases fund-raising size to Rs 2,900cr

Aditya Birla group flagship company Hindalco Industries today said its board has increased the size of fund-raising plan by Rs 500 crore to Rs 2,900 crore, to be raised through the issue of securities to qualified institutional buyers.     

The board of directors has approved raising of long-term finance up to Rs 2,900 crore instead of earlier approval of Rs 2,400 crore, Hindalco Industries said in a filing to the Bombay Stock Exchange (BSE).     

The fund would be raised through the issue of securities to institutional buyers, global depository receipts (GDRs) or other securities, it said.     

Besides, the company's board has also given its nod for raising 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 company has called an extra ordinary general meeting on November 17 for seeking shareholders approval for these two decisions, it added.     

Shares of Hindalco Industries were trading at Rs 136.05, nominally up by 0.52 per cent in the afternoon trade on the BSE.