Hindustan Construction to issue 4.7 crore shares at Rs 102.15

Hindustan Construction Company Ltd has announced that in respect of issue of Equity shares of face value Rs. 1 each by the Company to Qualified Institutional Buyers ("QIBs") under Qualified Institutions Placement in terms of Chapter XIII-A of the SEBI (Disclosure and Investor Protection) Guidelines, 2000, as amended, ("SEBI Guidelines"), the duly authorised Committee of the Board of Directors of the Company has, at its meeting held on June 30, 2009, decided to close the issue and has approved the issuance of upto 47,000,000 Equity Shares of face value Rs. 1 each at a price of Rs. 102.15 per Equity Share (including a premium of Rs. 101.15 per Equity Share), aggregating Rs. 4,801,050,000 (Rupees Four Billion Eight Hundred and One Million and Fifty Thousand Only).

The Company has further announced that the floor price in respect of the aforesaid Qualified Institutions Placement, based on the pricing formula as prescribed under Clause 13A.3.1 of SEBI Guidelines is Rs.102.15 per Equity Share and the Relevant Date for this purpose, in terms of Clause 13A.3.1 (a) of said Guidelines, is June 29, 2009.

The stock was trading at Rs.103.40, down by Rs.0.20 or 0.19%. The stock hit an intraday high of Rs.105 and low of Rs.101.25.

The total traded quantity was 772603 compared to 2 week average of 2099697.

Source : Equity Bulls

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