Hindalco gets shareholders' nod for Rs2,900 crore bond issue

Aditya Birla group company Hindalco Industries Ltd has received shareholders' approval for raising funds to the tune of Rs2,900 crore through issue of securities.

The shareholders, at the extra ordinary general meeting of the company held today, resolved "to issue further securities of the company for the amount not exceeding Rs2,900 crore," Hindalco said in a filing with the Bombay Stock Exchange (BSE).

Shareholders also approved an increase in investment limit for Foreign Institutional investors (FIIs) in the company's equity capital to 40 per cent from 24 per cent in the company's equity share capital, it said.

The company's board had, last month, approved raising of long term finance by way of qualified institutional placement (QIP) or global depository receipts or other securities with or without green shoe option up to Rs2,900 crore.

Hindalco shares closed at Rs135, up 0.60 per cent from its previous close on the BSE.