Hindalco to raise up to $ 600 m via QIP, includes $ 250 m greenshoe option

Hindalco has launched $ 600 million QIP issue. The issue includes green shoe option of $ 250 million. Issue was priced at Rs 130.9 per share. The company is going to use the funds raised through QIP for expansion & debt repayment.

Hindalco has capex plans of Rs 25,000 crore. Its current debt-equity ratio stands at 1.8:1. The company is trying to renegotiate its debt covenants.

Hindalco’s FY10 earnings outlook remains challenging. The company’s board has recently approved the hike in FII limit. It will be hiked to 40% from existing 24%.

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Tagged as: greenshoe option, Hindalco, Hindalco - FII, Hindalco - debt-equity ratio, Hindalco - FY10 earnings, Hindalco capex plans, QIP