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 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.

¬ Haymarket Media Limited. All rights reserved.

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