Hindustan Copper board to consider raising funds by issue of shares via QIP

Hindustan Copper on Wednesday said its board will next week consider raising funds by issue of shares via qualified institutional placement (QIP).

This will be to the extent of 15 per cent of existing paid up equity capital, the state-owned company said in a filing to BSE.

The board meeting, which is scheduled on October 29, will also consider and recommend seeking approval of shareholders for "the overall borrowing limit of Rs 2,500 crore for all types of borrowings/ loans including bonds," it added.

The board will also consider recommending to the mines ministry to modify object clause of the QIP from expansion/capex plan to general corporate purpose including ongoing expansion/ capex plan, the filing said.