Hindalco Industries gains after board approves raising Rs 700 crore through bond sale

The board of directors approved the issuance of non-convertible debentures (NCD) on private placement basis for an amount not exceeding Rs 700 crore

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Hindalco Industries stock price was up over 2 percent in the afternoon trade on January 11 after the company’s board gave its nod to raise Rs 700 crore through non?convertible debentures (NCDs).

“Pursuant to the above referred, please note that the Capital Raising Committee of the Board of Directors of the company at its meeting held on January 10, 2023, approved the issuance of non?convertible debentures (NCD) on a private placement basis, for an amount not exceeding Rs 700 crore,” the firm said in an exchange filing.

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At 2.33 pm, Hindalco Industries was quoting at Rs 490.50, up Rs 13, or 2.72 percent, on BSE. It touched an intraday high of Rs 491 and a low of Rs 480.50. The scrip was trading higher for the third consecutive session.

Traders and investors can watch out for Hindalco as Novelis’ EBITDA is expected to come at $400 per tonne, the lower end of the guidance, ICICI Securities has said in its report. However, management commentary would likely be the key, it said.

Hindalco’s board approved a proposal to raise as much as Rs 1,000 crore through bonds, loans, debentures and other securities in November last year.

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