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HCC Board approves S4A scheme & Rs 2,100 crore BG for collection of arbitral awards

It approved issuance of 25,19,92,670 equity shares of of face value Re 1/- each, representing 24.44% of capital

BS Reporter  |  New Delhi 

HCC Board approves S4A scheme & Rs 2,100 crore BG for collection of arbitral awards

Infrastructure major Hindustan Construction Company (HCC) Friday approved 24.44 per cent equity to lenders through the issuance of Equity shares as well as Optionally Convertible Debentures (OCDs) under RBI’s

The Board of Directors, in the meeting held today, has approved issuance of 25,19,92,670 equity shares of the Company, of face value Re 1/- each, representing 24.44 per cent of the expanded share capital of the Company and such Optionally Convertible Debentures (OCDs) of face value Rs.1000/- each not exceeding Rs 2,000 crore on Preferential Basis, to the Lenders.

The Board decision to issue the aforesaid securities is pursuant to implementation of the S4A Scheme, in accordance with Chapter VII of (ICDR) Regulations, 2009 and other applicable provisions of the Act, 1956, subject to shareholders’ approval.

The Board also decided to convene an Extraordinary General Meeting of the Company on January 5, 2017 for seeking shareholders’ approval for the aforesaid matter.

is the first company to get its debt restructured under the

The Board has also approved Rs 2,100 crore Bank Guarantee (BG) limits for release of arbitral award amount as per Cabinet Committee on Economic Affairs (CCEA) approval for revival of the construction sector directing government agencies to pay “75% of the arbitral award amount against margin free bank guarantee”.

has recently received communication from government agencies to submit BG and Escrow Account details for release of 75% of Arbitral awards. has arbitration awards for Rs 3,427 crore as of September 30, 2016. Further claims worth around Rs 4,173 crore are in arbitration process.

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HCC Board approves S4A scheme & Rs 2,100 crore BG for collection of arbitral awards

It approved issuance of 25,19,92,670 equity shares of of face value Re 1/- each, representing 24.44% of capital

It approved issuance of 25,19,92,670 equity shares of of face value Re 1/- each, representing 24.44% of capital
Infrastructure major Hindustan Construction Company (HCC) Friday approved 24.44 per cent equity to lenders through the issuance of Equity shares as well as Optionally Convertible Debentures (OCDs) under RBI’s

The Board of Directors, in the meeting held today, has approved issuance of 25,19,92,670 equity shares of the Company, of face value Re 1/- each, representing 24.44 per cent of the expanded share capital of the Company and such Optionally Convertible Debentures (OCDs) of face value Rs.1000/- each not exceeding Rs 2,000 crore on Preferential Basis, to the Lenders.

The Board decision to issue the aforesaid securities is pursuant to implementation of the S4A Scheme, in accordance with Chapter VII of (ICDR) Regulations, 2009 and other applicable provisions of the Act, 1956, subject to shareholders’ approval.

The Board also decided to convene an Extraordinary General Meeting of the Company on January 5, 2017 for seeking shareholders’ approval for the aforesaid matter.

is the first company to get its debt restructured under the

The Board has also approved Rs 2,100 crore Bank Guarantee (BG) limits for release of arbitral award amount as per Cabinet Committee on Economic Affairs (CCEA) approval for revival of the construction sector directing government agencies to pay “75% of the arbitral award amount against margin free bank guarantee”.

has recently received communication from government agencies to submit BG and Escrow Account details for release of 75% of Arbitral awards. has arbitration awards for Rs 3,427 crore as of September 30, 2016. Further claims worth around Rs 4,173 crore are in arbitration process.
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Business Standard
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HCC Board approves S4A scheme & Rs 2,100 crore BG for collection of arbitral awards

It approved issuance of 25,19,92,670 equity shares of of face value Re 1/- each, representing 24.44% of capital

Infrastructure major Hindustan Construction Company (HCC) Friday approved 24.44 per cent equity to lenders through the issuance of Equity shares as well as Optionally Convertible Debentures (OCDs) under RBI’s

The Board of Directors, in the meeting held today, has approved issuance of 25,19,92,670 equity shares of the Company, of face value Re 1/- each, representing 24.44 per cent of the expanded share capital of the Company and such Optionally Convertible Debentures (OCDs) of face value Rs.1000/- each not exceeding Rs 2,000 crore on Preferential Basis, to the Lenders.

The Board decision to issue the aforesaid securities is pursuant to implementation of the S4A Scheme, in accordance with Chapter VII of (ICDR) Regulations, 2009 and other applicable provisions of the Act, 1956, subject to shareholders’ approval.

The Board also decided to convene an Extraordinary General Meeting of the Company on January 5, 2017 for seeking shareholders’ approval for the aforesaid matter.

is the first company to get its debt restructured under the

The Board has also approved Rs 2,100 crore Bank Guarantee (BG) limits for release of arbitral award amount as per Cabinet Committee on Economic Affairs (CCEA) approval for revival of the construction sector directing government agencies to pay “75% of the arbitral award amount against margin free bank guarantee”.

has recently received communication from government agencies to submit BG and Escrow Account details for release of 75% of Arbitral awards. has arbitration awards for Rs 3,427 crore as of September 30, 2016. Further claims worth around Rs 4,173 crore are in arbitration process.

image
Business Standard
177 22