Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Hindalco Said to Appoint Banks for $832 Million Share Placement

July 24 (Bloomberg) -- Hindalco Industries Ltd., India’s second-largest aluminum maker, appointed banks for a share sale to institutional investors that could raise as much as 50 billion rupees ($832 million), people with knowledge of the matter said.

The company hired underwriters including Bank of America Corp., Citigroup Inc., Morgan Stanley, Standard Chartered Plc and SBI Capital Markets Ltd., according to the people. It plans to conduct the offering in September, they said, asking not to be identified as the information is confidential.

Hindalco, backed by billionaire Kumar Mangalam Birla, is raising funds after its shares rose 62 percent this year, outpacing a 23 percent gain in the benchmark S&P BSE Sensex index. Foreigners have bought $11.9 billion of Indian equities this year, the most in Asia, on speculation Prime Minister Narendra Modi’s government will spur economic growth.

The company may use the proceeds money to repay debt, another person said. Hindalco had 633 billion rupees of debt at the end of March, more than double the amount three years earlier, data compiled by Bloomberg show.

Hindalco’s board approved a plan to raise as much as 50 billion rupees through an institutional share sale, it said in a July 18 exchange filing. The company will seek shareholder approval for the offering on Aug. 14, according to the filing.

Pragnya Ram, a Mumbai-based spokeswoman for Hindalco, declined to comment. IFR reported earlier today that Hindalco hired banks for the share sale, citing unidentified people.

To contact the reporters on this story: George Smith Alexander in Mumbai at; Abhishek Shanker in Mumbai at

To contact the editors responsible for this story: Philip Lagerkranser at Ben Scent

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.