Hindustan Construction to raise Rs 1500 crore

Hindustan Construction Company Ltd has announced that the Board of Directors of the Company at its meeting held on May 25, 2009, has accorded approval for raising of long term funds by way of issuance of Equity Shares /GDRs / FCCBs and / or such other Securities for an amount not exceeding Rs 1500 crore through Qualified Institutional Placement / GDR Offering / FCCB Offering etc.

The Board approved convening an Extraordinary General Meeting of the Shareholders of the Company on June 22, 2009 for obtaining the approval of the Shareholders under Section 81 (1A) of the Companies Act, 1956 for the above referred matter.

The stock closed the day at Rs.106.20, up by Rs.4.40 or 4.32%. The stock hit an intraday high of Rs.108.60 and low of Rs.99.60.

The total traded quantity was 2480084 compared to 2 week average of 2708771.

Source : Equity Bulls

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