Hindalco: rights issue 56 pct subscribed

MUMBAI, Oct 16 (Reuters) - Hindalco Industries, India's top aluminium maker, said on Thursday it had received subscriptions for 55.97 percent of its 50.5 billion rupee ($1 billion) rights issue, according to provisional data, and underwriters and founders would cover the balance. The underwriters, ABN Amro, Citigroup, Deutsche Bank, DSP Merrill Lynch and SBI Capital Markets, would subscribe to 178.95 million shares worth 17.18 billion rupees, the company said in a statement. Hindalco's board also authorised the founders to bring in any further unsubscribed portions of the issue. Source: Reuters