Hindalco fixes price at Rs 184.45 for QIP issue

Aditya Birla Group firm Hindalco Industries has set the floor price at Rs 184.45 per share for raising funds through qualified institutional placement (QIP) issue which opened on Thursday.

“The floor price in respect of... QIP, based on the pricing formula... is Rs 184.45 per equity share,” Hindalco Industries said in a filing to the BSE.

The capital raising committee of the company passed the resolution “authorising the opening of QIP today” and “approval of the floor price for the QIP.” 

QIP is a capital-raising tool, whereby a listed company can issue equity shares, fully and partly convertible debentures, or any securities other than warrants which are convertible to equity shares to a qualified institutional buyer.

Hindalco is one of the leading integrated primary producer of aluminium in Asia. With a pan-Indian presence that encompasses the entire gamut of operations, from bauxite mining, alumina refining, aluminium smelting to downstream rolling, extrusions and recycling, Hindalco enjoys a significant position in aluminium and downstream value-added products in the country.