Hindalco raises Rs 3,350 cr via issue of shares to QIBs

The company had set floor price at Rs 184.45 per share for raising funds through QIP on March 2

Aditya Birla Group firm Hindalco Industries on Thursday raised Rs 3,350 crore through issuance of shares to qualified institutional buyers (QIBs).

"The Capital Raising Committee...Approved the issue and allotment of 17,68,27,659 equity shares to qualified institutional buyers at the issue price of Rs 189.45 per equity share, (including a premium of Rs 188.45 per equity share)," Hindalco Industries said in a filing to BSE.

The company had set the floor price at Rs 184.45 per share for raising funds through qualified institutional placement (QIP) issue which opened on March 2.

QIP is a capital-raising tool, whereby a listed company can issue equity shares, fully and partly convertible debentures, or any securities other than warrants which are convertible to equity shares to a qualified institutional buyer.

Hindalco is one of the leading integrated primary producers of aluminium in Asia. It has pan-India presence in sectors ranging from bauxite mining, alumina refining, aluminium smelting to downstream rolling, extrusions and recycling.