Ailing public sector Hindustan Copper Ltd (HCL) will be raising its equity capital by Rs 170.50 crore through issue of additional 17.05 crore equity shares on preferential allotment basis to the government. To this effect the company has scheduled an extraordinary general meeting (EGM) for approval of the proposal.
Post offer, the equity of the company will rise to Rs 900 crore from Rs 730 crore at present.
The government has decided to divest its entire 98.95 per cent in the company. The issue of fresh equity to the government at this juncture will enhance its holding in the company marginally to 99.08 per cent.
Meanwhile, the divestment ministry in a bid to attract bidders for the company has decided to ease norms for group transfer of equity stake in the divested company, allowing strategic partners a greater say in the management. The company
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