Hindalco fixes floor price at Rs 130.90 per share for QIP issue

By: Editor | November 23, 2009

Aditya Birla-group metal firm Hindalco will raise Rs 2,900 crore through a qualified institutional placement route.

The company has determined the floor price for the share (face value: Re 1) at Rs 130.90 as prescribed by the SEBI formula.

The stock closed on the BSE at Rs 133.80 on November 23.

Earlier, Hindalco had increased the FII investment limit from 24% to 40%, and also raised the target amount from the QIP issue from Rs 2,400 crore to Rs 2,900 crore.

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