Mumbai, Sep 22 : Aditya Birla Group flagship firm Hindalco on Monday said it will raise Rs 5,047.7 crore through issue of rights shares in 3:7 ratio to its shareholders.
The company will issue 52.58 crore equity shares at a price of Rs 96, which includes a premium of Rs 95 each, to existing shareholders, according to a public advertisement by Hindalco.
The company said that the rights shares would be issued in the ratio three shares for every seven equity shares held by the shareholders.
The record date for the rights issue has been taken as September 5, the company said, adding that the rights issue which opened today would close on October 10.
Earlier, Kumar Mangalam Birla-led Hindalco had announced that it was proposing to raise Rs 5,000 crore to refinance USD 3.03 billion loans, it had taken from banks to fund its acquisition of Canadian firm Novelis.
The company had acquired Novelis in February, last year, for an enterprise value of USD six billion.
Shares of the company closed at Rs 109.85, down 2.66 per cent on the BSE.
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