Hindalco closes QIP, fixes Rs 131 as issue price

Hindalco Industries, the flagship company of the Aditya Birla Group, today said it has fixed Rs 130.90 a piece as the issue price for qualified institutional placement (QIP) of its equity shares. The company has determined November 26 as the closing date of the issue and Rs 130.90 per share as the issue price, Hindalco said in a filing to the Bombay Stock Exchange. The company proposes to issue 21.31 crore equity shares to raise aggregate proceeds of Rs 2,790 crore. Last week, the company's shareholders had given approval to issue further securities of the company for an amount not exceeding Rs 2,900 crore.