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5 months ago
BUZZ-India's Hindalco Industries rises; to raise $500 mln in share offering to repay debt
March 3, 2017 / 4:30 AM / 5 months ago

BUZZ-India's Hindalco Industries rises; to raise $500 mln in share offering to repay debt

1 Min Read

** Shares of Hindalco Industries Ltd, India's biggest producer of aluminium and copper, rise as much as 2.9 pct to 194.90 rupees

** Company sells new shares to investors to raise up to $500 million through a qualified institutional placement (QIP) to repay debt and for working capital - term sheet

** Hindalco offering shares at price range of 183-189.45 rupees, compared with its Thursday close of 189.45 rupees

** Although the placement would result in a dilution of shares, investors encouraged by the pricing

** Up to Thursday's close, stock gained about 22 pct so far in the year

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