Hindalco rises after board OKs NCD issue upto Rs 700 cr

Hindalco Industries gained 2.10% to Rs 487.55 after the company announced that its board has approved fund raising of upto Rs 700 crore by issuing non-convertible debentures (NCDs) on private placement basis.

In an exchange filing, Hindalco Industries said, "The capital raising committee of the board of directors of the company at its meeting held on 10 January 2023, approved issuance of non‐ convertible debentures (NCDs) on private placement basis, for an amount not exceeding Rs 700 crore."

On 11 November 2022, the company's board had approved borrowing upto Rs 1,000 crore by way of loans, issuance of bonds, notes, debentures or other securities to banks, financial institutions or other eligible investors.

Hindalco Industries is the metals flagship company of the Aditya Birla Group. A $26 billion metals powerhouse, Hindalco is the world's largest aluminium company by revenues, and a major player in copper. It is also one of Asia's largest producers of primary aluminium.

The company reported 35% drop in consolidated net profit to Rs 2,205 crore in Q2 FY23 from Rs 3,417 crore in Q2 FY22. Consolidated revenue jumped 18% year on year to Rs 56,176 crore in quarter ended 30 September 2022.

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