Outcome of board meeting of Hindustan Copper

Held on 29 October 2020

Oct 29, 2020 02:10 IST capital market

The Board of Hindustan Copper at its meeting held on 29 October 2020 has decided as follows:

(i) The Board recommended seeking shareholders approval for (a) fixing of upper limit of borrowing not exceeding RS.2,500 crore for all types of borrowings/ loans including bonds across various products, together with interest and creation of security/charge on assets of the Company and (b) revalidation of shareholders approval for issuance of securities through Qualified Institutional Placement (QIP) up to 15% of existing paid up equity capital of the Company;

(ii) The Board recommended to the Ministry of Mines, Government of India to modify object clause of the QIP from expansion/capex plan to general corporate purpose including ongoing expansion/ capex plan.

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