India's Hindalco prices rights issue at 96 rupees/shr

MUMBAI, Aug 14, 2008 (Thomson Financial via COMTEX)-- India's Hindalco Industries Ltd. has priced its rights issue at 96 rupees per share and the ratio of the rights entitlement will be three equity shares for every seven held by shareholders, the company said in a release issued after market hours. On June 20, India's top aluminium maker approved the rights issue to raise up to 50 billion rupees to part finance the existing bridge loan for the acquisition of Novelis Inc. The company on June 20 also said the share ratio for the rights issue would be 1:3. Ahead of the announcement, Hindalco's shares closed down 2.69 percent at 135.80 rupees on the Bombay Stock Exchange.