Hindalco to raise Rs 2,500cr via 1:4 rights

The board of directors of Hindalco Industries, which met today, approved a proposal to raise up to Rs 2,500 crore by issuing rights shares in the ratio of 1:4 i.e one rights share for every four shares held.

According to a release issued by the company to the BSE today, the price per share for the rights issue would be decided by the board and announced at a later date.

"As per the instrument approved by the board, 25% of issue price shall be payable as application money, another 25% shall be payable between 9 and 12 months from the date of allotment, and the balance 50% shall be payable between 18 to 24 months from the date of allotment," the release added.