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Hindalco says begins share sale
MUMBAI |
MUMBAI (Reuters) - Aluminium maker Hindalco Industries Ltd said it had shareholder approval to sell up to 29 billion rupees ($625 million) worth of shares and it was opening a share sale on Monday at 130.90 rupees each.
Earlier, two sources with direct knowledge of the deal said the company was selling new shares worth $350 million to institutions at 130.9 rupees a share with a greenshoe option for an additional $250 million.
Hindalco, which bought Canadian firm Novelis in 2007, has said it plans to use the funds for expansion. It is trebling capacity to 1.7 million tonnes by 2013 at a cost of 250 billion rupees.
On Monday, Hindalco shares closed down 0.4 percent at 133.80 rupees in a Mumbai market that rose 0.9 percent.
Bank of America Merrill Lynch, Citigroup, and HSBC are among the arrangers, said the sources, who spoke on condition of anonymity.
($1=46.5 rupees)
(Reporting by Narayanan Somasundaram & Nishant Kumar; Editing by John Mair)
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