Hindalco to raise about Rs.5,000 crore to refinance debt

Hindalco Industries Ltd, plans to raise about Rs.5,000 crore ($890 million) to refinance debt.

The company is looking to raise Rs.2,000 crore selling bonds and draw Rs.3,000 crore of loans to repay high-cost borrowings at unit Utkal Alumina International Ltd.

State Bank of India, the nation's largest lender, may be one of the main bankers, Refinancing debt will help Mumbai-based Hindalco to lower its interest costs at the unit.