BackHindalco board to consider issuing Rs6,000 crore NCDs
The board would offer, invite or issue NCDs, secured or unsecured, during a period of one year from the date of the AGM until 23 September 2015
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Mumbai: Aditya Birla group company Hindalco Industries Ltd on Tuesday said it was planning to raise up to Rs6,000 crore by issuing non-convertible debentures (NCDs). The board will discuss the proposal on 24 September, the company said in a notice for its annual general meeting (AGM) on BSE on Tuesday.
The board would offer, invite or issue NCDs, secured or unsecured, during a period of one year from the date of the AGM until 23 September 2015, in one or more series/tranches aggregating up to an amount not exceeding Rs6,000 crores, on a private placement basis, the notice said.
In an interview on 21 August, Hindalco managing director Debu Bhattacharya said the company was looking for funds for general corporate purposes which could be raised locally or overseas in the next 12 months. Bhattacharya said in the volatile global geo-political scenario, the company was seeing a window of opportunity for raising funds as liquidity from investors was available.
Hindalco is India’s second largest aluminium and the largest copper producer that. It has invested $5 billion in the last five years for a massive aluminium capacity expansion in Madhya Pradesh and Odisha.
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