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The case study 'Hindalco's Rights Issue: India's Largest Rights Issue Fiasco' deals with the rights issue of Hindalco Industry Limited (Hindalco), which came in the year 2008. This was the comprehensive plan of repayment of USD3.03 billion, which the company took to finance the acquisition deal of Novelis in May 2007. The right issue gave opportunity to shareholders to get three shares of Hindalco for every seven shares at a discount of 29.3% when compared to closing price of INR135.80 on August 14th 2008 at BSE. However, due to the global financial crisis, stock markets plunged and left this issue undersubscribed. Due to under subscription, the underwriter came forward to subscribe their part, which made this issue not only unique but also first of its sort in the Indian stock market history.