Hindalco Industries’ board has approved to increase nearly Rs.2, 400crore through QIP.
The finances increased through QIP will be utilized to fund future development plans of the company.
The company has brought forth a capex plan up to economic year 2013 of nearly Rs.25, 000-30,000crore for its diverse assignments in Jharkhand and Orissa.
Hindalco reached contract on 2nd July and has got lenders’ sanction on revised guidelines comprising covenant relaxations subject to the $982 million bank loan. The funds were borrowed by the company in November last year, to resolve the bridge loan it had taken to obtain Atlanta-based Novelis Inc.