MUMBAI: Aluminium maker Novelis , a subsidiary of Birla group company Hindalco Industries , have successfully raised $1.15 billion by selling bonds to overseas investors.The bonds offered 6.25% interest rates with eight year maturity, the company said in a release issued on Wednesday. "The notes (bonds) will be guaranteed, jointly and severally, on a senior unsecured basis, by Novelis, and by certain of Novelis' subsidiaries," the company said. "Novelis expects to close the offering of the notes on August 29, 2016. "Earlier in the week, ET wrote the company would be raising $1.1 billion via dollar bond sales. Hence, the issuer decided to retain oversubscription up to $1.15 billion.The bonds have come under Rule 144A of US security regulations that make them easily tradable.

Source: Economic Times August 17, 2016 16:07 UTC