Hindalco Industries’ board, at its meeting held on February 14, 2009, has considered and approved to undertake a financial restructuring exercise wherein the company, along with other activities as would be provided in detail under the scheme or petition, proposes to earmark, allocate and credit to its Business Reconstruction Reserve Account, an amount as may be determined and considered appropriate by the board of directors of the company, from the balance available in securities premium account.
The aforesaid amount would be utilized for writing off or adjusting non operating / extraordinary costs on international acquisition made by the company and organic growth projects in India.
The credit to the Business Reconstruction Reserve Account shall not exceed the balance lying to the credit of securities premium account of the company as on December 31, 2008.