Hindalco Industries, a part of Aditya Birla Group is planning to raise up to $500 million (approx Rs 2,400 crore) through a qualified institutional placement (QIP) of equity shares. The proposed funds are raised for future projects.
The company has chalked out a Rs 25,000-30,000 crore investment plan till the year 2013 for its various brownfield and greenfield expansion projects in Orissa and Jharkhand. The company has raised a five-year loan of $one billion (approx Rs 4,790 crore) to partly pay off a $three billion (approx Rs 14,370 crore) bridge loan taken during the acquisition of Novelis, Canada.
Source : ProjectsToday
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