Hindalco Industries is trading 3% higher at Rs 95.90 in morning trades on reports that the company's promoters are planning to increase their stake by converting preferential warrants into equity shares.
“Kumar Mangalam Birla, the chairman of Aditya Birla Group, will invest Rs 2,165 crore by October to raise his stake by 5% to 37% in Hindalco Industries by converting 150 million preferential warrants into equity shares,” the Economic Times report suggests.
The company, India's largest aluminium producer, had issued warrants to Birla in March 2012 with a conversion price of Rs 144.35 a piece, a 54% premium to Wednesday's closing price of Rs 93.35.
The stock opened at Rs 94.35 and hit a high of Rs 96.30 on BSE. A combined around 1.7 million shares change hands on the counter in early morning deals on BSE and NSE.
“Kumar Mangalam Birla, the chairman of Aditya Birla Group, will invest Rs 2,165 crore by October to raise his stake by 5% to 37% in Hindalco Industries by converting 150 million preferential warrants into equity shares,” the Economic Times report suggests.
The company, India's largest aluminium producer, had issued warrants to Birla in March 2012 with a conversion price of Rs 144.35 a piece, a 54% premium to Wednesday's closing price of Rs 93.35.
The stock opened at Rs 94.35 and hit a high of Rs 96.30 on BSE. A combined around 1.7 million shares change hands on the counter in early morning deals on BSE and NSE.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%