Hindalco's QIP opens today, floor price at Rs 184.45/share

India’s biggest aluminum producer Hindalco is looking to raise funds through a qualified institutional placement (QIP) that opens today.Floor price for the QIP is set at Rs 184.45 per share. The company, in a release to the exchanges, said that a capital raising committee will meet on March 7 to consider the issue price of QIP.A source-based report in today’s Livemint mentions that Hindalco is looking to raise about Rs 3,300 crore via this QIP. The report also mentions that the company has appointed JM Financial Institutional Securities, Axis Capital, Citigroup Global Markets, Bank of America Merrill Lynch and SBI Capital Markets to oversee the process. The company has been trying to raise equity capital through QIP for a while now. However, the low commodity prices in the sector had been a barrier for it.