Hindustan Copper to consider capping borrowing limit at Rs2,500cr

It intimated that the Board has recommended seeking shareholders' approval for (a) fixing of upper limit of borrowing not exceeding Rs2,500cr for all types of borrowings/ loans.

Oct 30, 2020 04:10 IST India Infoline News Service

Copper cable
Hindustan Copper Limited informed the exchanges regarding the outcome of the Board meeting of the company held on Thursday.

It intimated that the Board has recommended seeking shareholders' approval for (a) fixing of upper limit of borrowing not exceeding Rs2,500cr for all types of borrowings/ loans.

These including bonds across various products, together with interest and creation of security/charge on assets of the Company and 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, the company said.

The company said that the Board has also 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.

Hindustan Copper Ltd ended at Rs33 per piece down by Rs0 or 0% from its previous closing of Rs33 on the BSE.

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