Hindustan Copper zooms ~3% as board mulls fund raising of up to Rs 500 crore

27 Jun 2022 , 09:22 AM

The board of directors of state-owned Hindustan Copper Ltd will meet next week to consider a proposal to raise up to Rs500 crore through the issuance of debentures.

“On June 30, 2022, a meeting of the board of directors of Hindustan Copper Limited (HCL) will be held to consider and recommend resolutions seeking approval of the company’s shareholders to authorize the board of directors to offer, issue, and allot secured or unsecured non-convertible bonds,” stated the company in its filing.

The board will also consider raising funds through qualified institutional placement, according to the statement.

HCL is a government-owned enterprise that reports to the Ministry of Mines.

It is the country’s only vertically integrated copper producer, as it manufactures copper from mining to beneficiation, smelting, refining, and casting of refined copper metal into downstream saleable products.

Hindustan Copper is currently trading at Rs87.70 up by Rs2.35 or 2.75% from its previous closing of Rs85.35 on the BSE.