Hind Copper board approves raising up to Rs 1,400 cr through QIP

State-owned Hindustan Copper said Thursday its board has approved raising up to Rs 1,400 crore through an issue of equity shares to qualified institutional investors.

"The board of directors of Hindustan Copper Ltd (HCL) in its meeting held on April 25....has inter alia considered and approved...recommended resolution for seeking members approval for raising funds through issue of equity shares through Qualified Institutional Placement (QIP) method for an amount not exceeding Rs 1,400 crore..," the PSU said in a filing to BSE.

The Cabinet last year had approved a fresh equity issue of 15 per cent by Hindustan Copper to help it raise over Rs 900 crore.

Hindustan Copper had earlier said that it would spend Rs 5,500 crore over six years to expand its production capacity by six times to up to 20 million tonnes per annum (MTPA).

Shares of the company dropped by 1.64 per cent to settle at Rs 47.95 on BSE.