Hindalco to launch $500 -$600 million share sale to institutions: Sources

Aluminium maker Hindalco Industries Ltd, plans to launch a $500 million to $600 million share sale to institutions at Rs130 to Rs132 a share according to two sources close to the deal.

The sources who spoke on conditions of anonymity, said on Monday, that Bank of America Merrill Lynch, Citigroup and HSBC are among the arrangers.

In a Mumbai market that rose 0.9 per cent, Hindalco shares closed down 0.4 per cent at Rs133.80.