Hindalco Industries approves QIP issue for Rs 2400 crore

Hindalco Industries Ltd has announced that the Board of Directors of the Company at its meeting held on June 30, 2009, inter alia, has approved Qualified Institution Placement to eligible investors up to amount not exceeding US$ 500 Million equivalent to Rs 2400 Crores in pursuant to provisions of Section 81 (1A) and all other applicable provisions of the Companies Act, 1956 and Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 as in force and subject to all other applicable rules, regulations and guidelines of SEBI, and enabling provisions of the Memorandum and Articles of Association of the Company and the Listing Agreements and in such manner and on such price, terms and conditions as may be determined by the Board in accordance with the SEBI (DIP) Guidelines or other provisions of the law.

The stock closed the day at Rs.84.55, up by Rs.1.15 or 1.38%. The stock hit an intraday high of Rs.85.40 and low of Rs.83.

The total traded quantity was 2267385 compared to 2 week average of 2944893.

Source : Equity Bulls

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