Hindalco raises ₹3,350 crore via QIP

Hindalco Industries, an Aditya Birla group company, has raised ₹3,350 crore through issue of shares under qualified institutional placement, largely to pay back high-cost debt and invest in value-added aluminium and copper products. The capital-raising committee of the company’s board met here on Thursday and approved the proposal to allot 17.68 crore equity shares at ₹189.45 apiece, said the company in a statement. Among the 110 large QIPs that subscribed to the issue are Birla Sun Life Trustee Company, Goldman Sachs, HDFC Standard Life and schemes of ICICI Prudential MF. The transaction will see an equity dilution of between 7.9 per cent and 8.1 per cent, said the termsheet.