Hindalco gets shareholder nod for Rs2,400-crore debenture issue

The shareholders of Aditya Birla group company Hindalco Industries Ltd at its annual general meeting on 18 September approved the company's proposal to raise funds to the tune of Rs2,400 crore through issue of securities in the domestic or overseas markets.

The company proposes to raise funds through the issue of securities that include equity shares, debentures and warrants, Hindalco Industries said in a filing with the Bombay Stock Exchange (BSE).

The issue, likely to be in one or more tranches, also includes a green shoe option, the company said.  Hindalo may also issue securities to qualified institutional buyers (QIB) on a private placement basis, the filing added.