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Hindalco’s first share sale through QIP generates 3X demand

India’s first ever metal industry share sale through qualified institutional placement (QIP) floated by Hindalco Industries generated overwhelming response in the market last week. Institutional investors lapped up the shares which went on to reinforce their confidence in the aluminium major’s manufacturing success. Hindalco Industries Ltd raised US$550 million over the last weekend through the QIP.

The QIP- the largest non-bank issue since Indiabulls’s QIP in 2015, saw demand surging more than 3 times and exceeded US$1.5 billion, reported sources aware of the matter. Hindalco had priced the QIP at a premium of 2.7 per cent to the Sebi floor price of INR 184 per share.

 

 

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Ghana outlines plans for an integrated aluminium industry

 

Ghana outlines plans for an integrated aluminium industry

The Minister of Finance, Ghana, Mr Ken Ofori-Atta, has expressed the government’s desire to fast-track economic development of the country during the presentation of the 2017 budget statement . The government has decided to develop an integrated aluminium industry through six stages under this plan. The six stages include development along the entire value chain of aluminium starting from bauxite mining to the value added aluminium products, power plants and logistic infrastructures.