HCC Rights Issue oversubscribed
Company raises Rs. 497.58 crore
Deepthi | Myequity news | Date : 27-12-2018 18:18:00 IST
Hindustan Construction Company (HCC) Limited received applications worth Rs. 551.38 crore pursuant to its Rights Issue of equity shares. Valid applications were received for 110.74% of the aggregate issue of up to 49,75,76,833 equity shares of face value of Re.1 each ("EquityShares")at an Issue Price of Rs.10 per Equity Share.
The Company will retain an amount of Rs.497.58 crore, with the balance being refunded to investors. The allotment of Equity Shares was approved by the Company's Rights Issue Board Committee at a meeting held today, as per the basis of allotment finalized with the designated stock exchange, BSE Limited.
Upon completion of the Rights Issue, the paid-up share capital of the Company stands enhanced to Rs.151.30 crore from Rs.101.55 crore and the promoter / promoter group shareholding in the Company has increased to 33.12% from 27.80%.
Mr. Arjun Dhawan, Director & Group Chief Executive Officer, said, "We express our gratitude to shareholders for their support in ensuring a successful Rights Issue. HCC remains firmly on the path of strengthening its financial profile and we have completed another milestone in this process."
The Lead Manager to the Rights Issue was ICICI Securities Limited.
HCC is a business group of global scale developing and building responsible infrastructure through next practices. With an engineering heritage of nearly 100 years, HCC has executed a majority of India's landmark infrastructure projects, having constructed 25% of India's Hydro Power generation and over 65% of India's Nuclear Power generation capacities, over 3,800 lane km of Expressways and Highways, more than 335 km of complex Tunneling and over 365 Bridges. Today, HCC Ltd. serves the infrastructure sectors of Transportation, Power and Water.