Hindalco's $1 billion rights issue is 56% subscribed

The lead managers are forced to contribute $350 million, despite the controlling shareholders underwriting 50% of the issue.

Hindalco Industries, India's largest non-ferrous metal producer, yesterday announced that its Rs50.5 billion $1 billion rights issue was 55.97% subscribed. Out of the shares on offer, 50% were taken up by the controlling shareholders, while other shareholders bought just under 6%. This left about 34% to be covered by the lead managers and underwriters, namely ABN AMRO, Citi, Deutsche Bank, DSP Merrill Lynch and SBI Capital Markets, which is the investment banking subsidiary of State Bank of India.

The...

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