Hindalco Industries to consider GDR issue in lieu of QIP

Hindalco Industries Ltd has now announced with reference to earlier announcement about the decision of the Company to raise up to US$ 500 Million by way of QIP, that in view of the volatility in domestic market and developments in international markets, the Board has decided that the Company in addition to offering of Shares under the QIP route would explore the option to issue Share under Global Depository Receipts (GDR) or any other instrument or any combination thereof but in any case total amount to be raised will be restricted to US$ 500 Million.

The stock was trading at Rs.100.20, up by Rs.6.25 or 6.65%. The stock hit an intraday high of Rs.102.60 and low of Rs.94.50.

The total traded quantity was 6434161 compared to 2 week average of 2789863.

Source : Equity Bulls

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