MUMBAI, September 30, 2008:The right offer to the company's GDR holders is subscribed to the extent of 99.30%.
The GDR entitlement was to the tune of 56.42 million shares, against which the subscriptions came in for 56.03 million shares.
• India's largest rights issue by Kumar Mangalam Birla promoted Hindalco is all set to sail through with the merchant bankers and FIs committing to subscribe.
• Market sources say the merchant bankers have committed to pick up 40% while FIs – LIC and GIC – agreed to pick up 15%. The promoters have already decided to buy 50% of the rights issue shares.
• Hindalco has come out with 525,802,403 equity hares with a face value of Re 1 each at a premium of Rs 95 per equity share.
• The issue size works out to Rs 5047.7 crores.
• Issue opened on September 22 and will close on October 10.
• The lead managers to the issue are: ABM AMRO Securities (India) Private Ltd, Citigroup Global Markets India Private Ltd, Deutsche Equities India Private Ltd, DSP Merrill Lynch, and SBI Capital Markets Ltd.
• Heavy demand of the Renunciation of the Rights – volume in excess of 14 million as of yesterday
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