HCC Rs. 1000 crore Rights Issue subscribed 200%

Hindustan Construction Company Limited (HCC) today announced that its Rights Issue was subscribed 200%, with applications aggregating to Rs. 2008 crore against an Issue size of Rs. 999.99 crore. The Company has retained proceeds equivalent to the Issue size, and the balance amount will be refunded to investors in accordance with applicable regulations.

Commenting on the successful completion of the Rights Issue, Mr. Arjun Dhawan, Vice Chairman & Managing Director, said, "We thank our shareholders for their continued support. The response to the Rights Issue strengthens our balance sheet while supporting ongoing deleveraging and our long-term growth strategy."

Equity Shares will be allotted to eligible applicants in accordance with the basis of allotment finalised in consultation with the designated Stock Exchange, BSE Limited.

Pursuant to the Rights Issue, the number of Equity Shares of the Company will increase by 79,99,91,900 shares, from 1,81,94,76,162 shares to 2,61,94,68,062 shares, and the paid-up share capital will increase by Rs. 79.99 crore, from Rs. 181.94 crore to Rs. 261.94 crore.

Shares of Hindustan Construction Company Limited was last trading in BSE at Rs. 19.87 as compared to the previous close of Rs. 18.53. The total number of shares traded during the day was 5474735 in over 7636 trades.

The stock hit an intraday high of Rs. 20.71 and intraday low of 18.76. The net turnover during the day was Rs. 108929777.00.

Source : Equity Bulls

Keywords

HindustanConstructionCompany INE549A01026 HCC FundRaising RightsIssue Oversubscription