Hind Copper board recommends raising borrowing to Rs 1,500 cr

State-run Hindustan Copper (HCL) today said its board has recommended increasing the borrowing limit to Rs 1,500 crore from the existing Rs 800 crore.

"The board of directors of Hindustan Copper Ltd in its meeting held on May 25 has... recommended enhancement of the borrowing limit from existing Rs 800 crore to Rs 1,500 crore together with interest other than the temporary loans obtained by way of cash credit/working capital arrangements etc and creation of security/charge for approval of shareholders of the company and other related banking contracts," HCL said in a filing to BSE.

The company said its financial results for the quarter ended March 31, 2018 could not be considered as the board sought additional details.

Consequently, dividend for the FY 2017-18 also could not be considered, it added.

The board decided to meet again at short notice on May 30, 2018 to consider and approve accounts and financial results for the year ended March 31, 2018 and dividend for FY 2017-18, it said.

HCL, a public sector undertaking under the administrative control of the mines ministry, has the distinction of being the nation's only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

The company markets copper cathodes, copper wire bar, continuous cast copper rod and by-products, such as anode slime, copper sulphate and sulphuric acid.