India's Hindalco board approves up to $830 mln fund-raising plan

MUMBAI, July 18 Fri Jul 18, 2014 8:32am EDT

MUMBAI, July 18 (Reuters) - Indian metals producer Hindalco Industries Ltd said on Friday its board had approved a plan to raise up to 50 billion rupees ($829.5 million) by selling shares to institutions or through other options.

Hindalco, one of the country's leading aluminium and copper producers, is part of the Aditya Birla conglomerate.

Indian companies are expected to raise billions of dollars this year through share sales, riding on a surge in the stock market and an anticipated economic recovery. ($1 = 60.2800 Indian Rupees) (Reporting by Devidutta Tripathy; Editing by Anupama Dwivedi)