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Hindalco Industries, an Aditya Birla Group company, plans to raise ₹5,000 crore through qualified institutional placement. The decision was taken at the board meeting held on Friday, said the company in a statement.
The fund raising would be through issuance of securities, including equity shares or equity-linked securities, including through a QIP or issuance of equity shares through convertible bonds or depository receipts, said the company.
The company has called a meeting of its members on August 14, to approve the fund raising plan.
The company has completed all its greenfield projects, Aditya Aluminium, Mahan Aluminium and alumina refinery Utkal Alumina. All these projects are ramping up their capacity utilisation and are expected to add to the company’s profitability.
The total aluminium production would go up to 7.2 lakh tonnes from six lakh tonnes, when all the three projects at Utkal, Mahan and Aditya Aluminium in Odisha ramp up to their full capacity by the end of this fiscal. Mahan and Aditya Aluminium would produce 3.6 lakh tonnes each a year, while Utkal Alumina in Odisha with a capacity of 10 lakh tonnes would feed the key raw material to both these projects.
Shares of the company were down 2 per cent at ₹185 on Friday.
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