Hindalco seeks equity financing to cut debt

India’s biggest aluminium producer aims to raise $500 million via a qualified institutional placement to help reduce leverage on its balance sheet.

Hindalco seeks equity financing to cut debt

Hindalco Industries launched a qualified institutional placement QIP of new shares on Thursday, turning to stock market investors for fresh capital ahead of an imminent debt repayment exercise which begins later this month.

India’s largest aluminium producer has capped the fundraising amount at $500 million, which is about two-thirds of the Rs50 billion $748 million quota approved by the board of directors late last year. The cash call could boost its cash level by nearly...

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