HCC plans to raise Rs 1,000 cr via securities

Infrastructure firm Hindustan Construction Company Ltd (HCC) is planning to raise Rs 1,000 crore through issue of securities.
In a regulatory filing, HCC informed that its Annual General Meeting will be held on July 14.
During the AGM, the shareholders nod would be taken to raise Rs 1,000 crore.
The company further said shareholders through special resolution would "enable the board to create, issue, offer and allot Equity Shares, GDRs, ADRs, Foreign Currency Convertible Bonds, Convertible Debentures and such other securities... At such price as may be deemed appropriate by the Board at its absolute discretion"
The resolution enables the "board to issue securities for an aggregate amount not exceeding Rs 1,000 crore or its equivalent in any foreign currency."

Hindustan Construction Company had reported a 7.31 per cent decline in its standalone net profit at Rs 19.14 crore for the March quarter.

The company had posted a net profit of Rs 20.65 crore in the year-ago period.
Its total income from operations increased to Rs 1,196 crore in January-March of 2015-16 as against Rs 1,175 crore in the year-ago period.
In 2015-16 fiscal, the company secured 9 new orders worth Rs 5,764 crore and was the lowest bidder in projects worth Rs 3,701 crore.