• Hindalco Rights record: Rs 450 cr worth Renuniciations traded.
• Issue closes on Friday
• In every rights issue, share holders have two options - either accept the rights offer or renunciate.
• Each renunciation shows that there is a buyer.
• In case of Hindalco, the transactions show that the volume of renunciation is almost 48 million shares. This means that there is a strong demand for as many shares. Yesterday was the last day for renunciations.
• Obviously, these are the buyers who have faith in the company.
• This points also reiterates that the Hindalco Rights issue - the largest rights issue in the country - is garnering good support.
• The GDR segment is already subscribed to the extent of 99.3 per cent.
• Merchant bankers have already underwritten 40% and promoters have announced they will buy 50% of the rights issue.
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