Companies & Industry
Hindalco Industries has approved an 1:4 rights issue today. Shareholders of the company will get one share for every four they held. The issue, which is expected to mobilise nearly Rs 2,500 crore, will part finance the company’s expansion.
The Hindalco board, however, did not decide the price of the offer. Going by ratio of the offer and the size of the fund it aims, market sources said the issue would be priced at Rs 108-110 a share.
The Hindalco stock today closed at Rs 160.80, 0.66 per cent higher than yesterday’s closing on the Bombay Stock Exchange.
Chairman Kumar Mangalam Birla said in a media statement that, “The company is at the threshold of its next phase of growth, and the planned expansion would transform the company into a global scale metal producer.”
The Hindalco board, however, did not decide the price of the offer. Going by ratio of the offer and the size of the fund it aims, market sources said the issue would be priced at Rs 108-110 a share.
The Hindalco stock today closed at Rs 160.80, 0.66 per cent higher than yesterday’s closing on the Bombay Stock Exchange.
Chairman Kumar Mangalam Birla said in a media statement that, “The company is at the threshold of its next phase of growth, and the planned expansion would transform the company into a global scale metal producer.”
posted by Sensex-Blog Admin at 11:19 AM
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