Hindalco shareholders approve financial restructuring plan
Hindalco informed the BSE that it’s shareholders have approved the financial restructuring to use a portion of its reserves to write off expenses incurred by the company on international acquisition and domestic expansion. As per the scheme, the balance lying in the Securities Premium Account would be transferred to the Business Reconstruction Reserve Account, which could also result in a reduction of capital.
The company had earlier said “the present global economic scenario had an adverse impact on its domestic and overseas operations which may result in impairment in value of its assets or investments”.
The company had said that it would undertake the financial restructuring in a manner such that its operating results do not get impacted by such costs. In February, the board had approved the arrangement.
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