Hindalco to raise Rs 3000 cr via bonds at 9.55%: sources

Mumbai: Non-ferrous metals producer Hindalco Industries plans to raise Rs 3000 crore ($580 million) in 10-year bonds at 9.55%, two sources with knowledge of the deal said on Thursday.

Standard Chartered Bank and HDFC Bank are arrangers to the deal, they said.

The company, part of the diversified Aditya Birla Group, is striking quickly after the Reserve Bank of India on Tuesday cut interest rates by a bigger-than-expected 50 basis points.