Board of Directors of the Hindalco Industries has approved the issue of Equity Shares for an amount not exceeding Rs50bn to the existing Shareholders on rights basis ("Rights Issue") to part finance the take out of the existing bridge loan for acquisition of Novelis Inc. The Share Ratio for the Rights issue will be 1:3, i.e. one right of Re 1 each for every three equity shares of Re 1 each held by the shareholder as on the Record Date to be announced later.
The price per share for the Rights Issue would be decided by the Board and announced at a later date in accordance with the relevant statutory requirements.
The price per share for the Rights Issue would be decided by the Board and announced at a later date in accordance with the relevant statutory requirements.
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