<div style="float: left;">
	<img align="" alt="Hindalco fixes price at Rs 184.45 for QIP issue" class="imgCont" height="285" src="http://bsmedia.business-standard.com/_media/bs/img/article/2015-08/14/full/1439561445-8077.jpg" style="border: 1px solid #DDD; margin-right: 10px; padding: 1px; float: left; z-index: 0;" title="Hindalco fixes price at Rs 184.45 for QIP issue" width="380" />
	<div>
		Hindalco Industries Ltd, India&#39;s biggest producer of aluminium and copper, is selling new shares to investors in a bid to raise up to Rs 3,337 crore, according to deal term sheet seen by Reuters on Thursday.</div>
	<br>
	<div>
		The share sale would lead to a dilution of 7.9% to 8.1% of post issue capital and the company will use the funds to meet working capital needs and repay debt, among other things, the term sheet showed.</div>
	<br>
	<div>
		Hindalco is offering the shares in a price range of Rs 183 each to Rs 189.45 rupees, which was the stock&#39;s closing price on Thursday. The lower end of the price range is equivalent to a discount of 3.4%.</div>
	<br>
	<div>
		The company, which is part of the Aditya Birla conglomerate, said earlier on Thursday it was opening a so-called qualified institutional placement of shares.</div>
	<br>
	<div>
		Citi, Bank of America Merrill Lynch, Axis Capital, JM Financial and SBI Capital Markets are managers for the sale.</div>
</div>

The share sale would lead to a dilution of 7.9% to 8.1% of post issue capital

Hindalco fixes price at Rs 184.45 for QIP issue

Hindalco offers Rs 3,300-cr worth new shares

The share sale would lead to a dilution of 7.9% to 8.1% of post issue capital

More From This Section

DLF tanks 8% on promoters plan to sell 40% stake in rental arm

Of D-Mart's IPO and the legend of Radhakishan Damani

Deepak Nitrite extends rally after it issues QIP

Neuland Labs zooms over 40% in two trading days

Explore News