MUMBAI: Hindalco Industries, India's top aluminium producer, aims to set its rights issue at Rs 96 a share and tweak the ratio to 3 shares for every seven held from 1:3, three bankers familiar with the deal said on Wednesday.

The month-long rights issue is set to open in September, said the bankers who declined to be identified because they were not authorised to speak to the media.

Company officials could not be immediately reached for comment.

Hindalco sent a notice to the stock exchange on Wednesday saying its board will meet on Aug. 14 to determine the price and other terms of the issue.

Hindalco shares closed at Rs 142.40 on Tuesday.