Reacting to the development, the stock of the company rose nearly 3% to Rs 195 on the BSE. It has gained about 22% so far this year by Thursday's close.
On the volume front, over 8 lakh shares exchanged hands on the conuter as compared to two-week average of 11 lakh shares.
Although the placement would result in a dilution of shares, investors are encouraged by the pricing of the issue.
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 producer of aluminium in Asia. With a pan-Indian presence that encompasses the entire gamut of operations, from bauxite mining, alumina refining, aluminium smelting to downstream rolling, extrusions and recycling, Hindalco enjoys a significant position in aluminium and downstream value-added products in the country.
(With inputs from agencies)
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