Published on Wed, Nov 18, 2009 at 10:15 | Source : Business Line
Updated at Wed, Nov 18, 2009 at 11:30
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Hindalco EGM clears plan to raise Rs 2900cr
Hindalco Industries, an Aditya Birla Group company, plans to raise Rs 2,900 crore through issue of Qualified Institutional Placement, Global Depository Receipts or any other securities in the near future to fund its expansion plans.
Hindalco Industries, an Aditya Birla Group company, plans to raise Rs 2,900 crore through issue of Qualified Institutional Placement, Global Depository Receipts or any other securities in the near future to fund its expansion plans.
The company received shareholders' approval at the extra ordinary general meeting held on Tuesday.
Investors also passed a resolution to increase the limit of investment by Foreign Institutional Investors (FIIs) to 40% from 24% in the company's equity share capital.
The board of directors last month increased the fund raising plan by Rs 500 crore from the earlier plan of Rs 2,400 crore.
Though the company achieved the highest production of aluminium and copper in the second quarter of the fiscal 2010, sales realisation fell by 13% to Rs 4,917 crore due to sharp fall in prices.
