Hindalco gets 43% subscription for its rights issue

Hindalco Industries’ rights issue has received 43% subscription, including the global depository receipts (GDRs) portion of 10.6%. According to investment bankers handling the rights issue, some of the domestic institutional investors have subscribed their portion.

In the last two days, out of the Rs 5,047 crore issue size, the company has received responses for 43% including 10.6% of the GDR portion, aggregating Rs 2,170 crore. However, this also includes marginal contribution from the promoters.

Buying by the promoters at this juncture will help in supporting the secondary market price.