Hindalco raises $600 mn from share sale

Hindalco raises $600 mn from share sale
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First Published: Tue, Nov 24 2009. 11 00 PM IST
Updated: Tue, Nov 24 2009. 11 00 PM IST
Mumbai: “Aditya Birla group-owned aluminium producer Hindalco Industries Ltd on Tuesday raised $600 million by selling shares to qualified foreign institutional investors. The company got bids of close to $700 million, of which it chose to keep $600 million,” a company official said.
“We have sold it at Rs130.90 per share, a 1.1% discount compared to the closing price on Tuesday (Rs134.55) and most of it was bought by long term investors,” a banker involved in the deal said on the condition of anonymity.
Seven bankers advised the company on the deal: Citigroup Global Markets India Pvt., Deutsche Equities India Pvt., DSP Merrill Lynch Ltd., the Hong Kong & Shanghai Banking Corp., RBS Equities (India) Ltd., SBI Capital Markets Ltd. and UBS Securities India Pvt.
“The company will need about Rs25,000 crore by 2012 to buy raw materials such as coal and bauxite,” Sunirmal Talukdar, Hindalco’s executive president and chief financial officer, told Mint in an interview in February.
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First Published: Tue, Nov 24 2009. 11 00 PM IST