Hindustan Construction raises over Rs 4.976 bn, rights issue oversubscribed

Infrastructure developer Hindustan Construction Company (HCC) on Thursday raised Rs 4.976 billion through a rights issue.

The issue was oversubscribed with HCC getting applications worth Rs 5.5138 billion for sale through which it would issue up to 497.5 million equity shares, the company said in a statement.    

With this, the paid-up equity capital of the company will go up to Rs 1.5130 billion from Rs 1.0155 billion while the promoters' shareholding will increase to 33.12 per cent from 27.80 per cent now. 

"We remain firmly on the path of strengthening our financial profile and having completed another milestone with the completion of this rights issue," group chief executive Arjun Dhawan said in the statement.

ICICI Securities was the lead-manager to the issue.