Hindalco plans to raise up to $830M

Aditya Birla Group firm Hindalco Industries plans to raise up to Rs 5,000 crore by issuing equity shares to institutions or through other options.

"...the Board of Directors of the company at its meeting held on July 18, 2014, has approved raising of funds for an amount not exceeding Rs 5,000 crores...," it said in a BSE communique.

The instruments could be through issuance of securities including equity shares or equity linked securities, including through a qualified institutions placement and/or issuance of equity shares through convertible bonds, depository receipts and/or any other instrument convertible or exchangeable into equity shares and/or other securities with or without warrants, it said.

The raising of the fund is subject to the approval of the members of the company, it said, adding a meeting has been called of the members of the company on August 14 to approve the proposal.

An industry leader in aluminium and copper, Hindalco Industries, the metals flagship company of the Aditya Birla Group, is the world's largest aluminium rolling company and one of the biggest producers of primary aluminium in Asia.

Shares of the company closed 2.23 per cent down at Rs 184.55 apiece on the BSE.

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