Hindalco Industries declined 3.53% to Rs 131 at 09:57 IST on BSE after the company’s board priced its 3-for-7 rights issue at Rs 96 per share to raise raise about Rs 4,200 crore.
The company announced the terms of the rights issue after trading horus on Thursday, 14 August 2008.
The stock hit a high of Rs 136.70 and a low of Rs 129 so far during the day. The stock had hit a 52-week high of Rs 223.30 on 15 November 2007 and a 52-week low of Rs 132.50 on 1 July 2008.
The company has an equity capital of Rs 122.71 crore. Face value per share is Re 1.
The current price of Rs 131 discounts its Q1 June 2008 annualised EPS of Rs 22.72, by a PE multiple of 5.76
Earlier in June 2008, Hindalco Industries' board had approved 1:3 rights issue to raise up to Rs 5000 crore. The funds were to be allocated to redeem a bridge loan it had taken for acquisition of Novelis Inc. However the pricing of rights issue was pending at that time.
In February 2007, the company entered into a definitive agreement to acquire Novelis in an all cash transaction for a consideration of $6 billion.
Hindalco Industries is India's largest aluminium producer and is engaged in producing aluminium and semi- fabricated products.
The company’s net profit rose 16.4% to Rs 696.76 crore on 0.8% decline in sales to Rs 4,647.53 crore in Q1 June 2008 over Q1 June 2007.
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