Hindalco rises as board allots NCDs worth Rs 700 cr

Hindalco Industries advanced 1.71% to Rs 496.30 after the company's board approved allotment of 70,000 non-convertible debentures (NCDs) of Rs 1 lakh each aggregating to Rs 700 crore, on private placement basis.

These rated, listed, unsecured, redeemable, non-convertible debentures having a coupon rate of 7.60% p.a. shall be redeemed at par at the end of the 14 months from the date of allotment, 18 January 2023.

The NCDs will be listed on Wholesale Debt Market segment of National Stock Exchange of India.

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 the quarter ended 30 September 2022.

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