Birla to up Hindalco holding by 8%

The Aditya Birla group will scale up its holding in flagship company Hindalco Industries by over 8 per cent in two phases. The move, costing nearly Rs 2,600 crore, will take its stake to 35 per cent.

The Hindalco board today approved the issue of a mix of preferential equity shares and warrants to Chairman Kumar Mangalam Birla-led promoter group.

The company has convened an extra-ordinary general meeting on March 28 to seek shareholders' approval for the preferential issue.

Hindalco has said it would issue a maximum of 67.5 million equity shares not exceeding Rs 1,200 crore in value and then issue a maximum of 80 million warrants not exceeding Rs 1,400 crore.