Hindustan Construction Company today said it will raise over Rs 480 crore through private placement of shares to institutional investors at Rs 102.15 a piece.     

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The Committee of Directors has approved the issuance of up to 4.70 crore shares to qualified institutional buyers at a price of Rs 102.15 a piece, aggregating to over Rs 480.10 crore, HCC said in a filing to the Bombay Stock Exchange.     

The realty firm had initiated the qualified institutional placement (QIP) at a rate of Rs 102.15 a piece on Monday.     

Last week, the shareholders had approved raising Rs 1,500 crore through issuance of securities in the domestic and international market or through QIP.     

Shares of HCC were trading at Rs 102.35 on BSE, down 1.21 per cent over the previous close.

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