Hindustan Copper's board to seek shareholders' nod for raising Rs 500 crore

1 Jul 2022 , 09:40 AM

Hindustan Copper Limited announced that its board of directors has proposed seeking shareholder approval to raise up to Rs500 crore via debentures.

The board has also recommended that the shareholders approve raising funds by issuing equity shares through Qualified Institutional Placement at the upcoming annual general meeting.

“The board of directors of Hindustan Copper Ltd has recommended seeking shareholder approval in the upcoming AGM to authorize the board to offer, issue, and allot secured or unsecured non-convertible debentures or bonds on a private placement basis up to Rs500 crore,” the state-owned company said in a BSE filing.

Under the administrative control of the Ministry of Mines, Hindustan Copper Ltd is a vertically integrated copper producing company that manufactures copper from mining to beneficiation, smelting, refining, and casting of refined copper metal into downstream saleable products.

At around 9.42 AM, Hindustan Copper was trading at Rs87.10 down by Rs0.05 or 0.06% from its previous closing of Rs87.15 on the BSE. The scrip opened at Rs87 and has touched a high and low of Rs87.90 and Rs86.15 respectively.