MUMBAI (Commodity Online): Copper and Aluminium major, Hindalco Industries Ltd (BOM:500440) sank on the Bombay Stock Exchange, even as the company received the formal nod from its shareholders to raise up to Rs.2900 crore through issuing securities.

The Aditya Birla Group company, on Tuesday announced that it had received an approval from its share holders at the extra ordinary general meeting (EGM) of the company held today.

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The company resolved “to issue further securities of the company for the amount not exceeding Rs.2900 crore,” Hindalco said in a filing with the BSE on Tuesday.

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.

However, the company stocks traded in red at Rs.134.40 with marginal loss of close to 0.5% in the morning trading session on the BSE today.

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