Hindustan Construction Company approves issue of warrants worth Rs.64 crore

The Board of Directors of Hindustan Construction Company Ltd at its meeting held on September 13, 2012, has approved the issue of Warrants Convertible into Equity Shares of the Company of face value of Re. 1/- each, to the promoters of the Company, on preferential basis, for a sum aggregating to Rs 64 crores in accordance with chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulation, 2009, pursuant to the requirements of CDR Letter of Approval ("CDR LOA") . The proposed issue of Warrants shall be subject to approval of the CDR Empowered Group ("CDR EG"), shareholders of the Company and such other statutotury approvals, if any.

The Hindustan Construction Company Ltd stock was trading at Rs.16, down by Rs.0.15 or 0.93%. The stock hit an intraday high of Rs.16.50 and low of Rs.16.

The total traded quantity was 4.24 lakhs compared to 2 week average of 4.35 lakhs.

Source : Equity Bulls

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