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Popular Articles

Ministry plans special SAIL arm for overseas buys
The steel ministry is planning to set up a special arm under Steel Authority of India (SAIL) to spearhead overseas acquisitions, particularly in the mining sector.

FMC asks brokers to watch inactive trading accounts
The Commodity market regulator FMC has asked brokers to keep a close watch on "inactive trading accounts" to avoid possible misuse and warned that failure to do so would attract penalty.

News of the day

DoT relents; to seek Trai views on uniform licence fee
After initial resistance, the Department of Telecom (DoT) has relented and would now seek telecom regulator Telecom Regulatory Authority of India"s (Trai) recommendations on a proposal to bring in a uniform licence fee.
Public Relations

Hindalco gets shareholders nod for raising Rs 2,900 cr

Hindalco Industries, the metals flagship company of the Aditya Birla Group, today said it has received approval from its shareholders for raising funds up to Rs 2,900 crore through issuing securities. - Alstom bags Rs 365 cr orders from Hindalco - Hindalco starts roadshow for Rs 2,900-cr QIP - Novelis reports profit of Rs 916 cr - Sensex regains strength - Markets plunge on weakness in metals, realty - Hindalco loses shine on net slump The shareholders, at the extra ordinary general meeting (EGM) of the company held today, resolved "to issue further securities of the company for the amount not exceeding Rs 2,900 crore," Hindalco said in a filing to the Bombay Stock Exchange (BSE). Shareholders of the company also approved to increase the limit of investment by foreign institutional investors (FIIs) to 40 per cent from 24 per cent in the company"s equity share capital, it said. Last month, the company"s board has approved raising of long term finance by way of Qualified Institutional Placement (QIP) or Global Depository Receipts or other securities with or without green shoe option up to Rs 2,900 crore. Shares of Hindalco Industries today closed at Rs 135, up 0.60 per cent from its previous close on the BSE.


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