Hindustan Copper gets shareholders' nod to raise up to Rs800cr

State-owned Hindustan Copper Ltd today said it has got shareholders nod to raise up to Rs 800 crore through private placement of debt instruments.
The shareholders have passed a resolution through postal ballot process, including E-voting, authorising its board for "borrowing up to Rs 800 crore and or to authorize issue of debt securities on private placement basis", the company said in a filing to the BSE.
The shareholders have also given nod for "creation of charge and or mortgage in favour of Lenders", it said.
In a communication to shareholders earlier, the company had said it proposed to issue "in one or more trenches, secured or unsecured Non-convertible Debentures/Bonds on private placement basis amounting to not exceeding Rs 800 crore".

As per the information, the funds raised are likely to be used to part finance its mining projects in Madhya Pradesh and Jharkhand.
The company had appointed Kolkata-based Mohan Ram Goenka of M R & Associates Practising Company Secretaries to act as a scrutinizer for conducting the postal ballot process.

The voting was held from February 20 to March 21.
The shares of the company closed at Rs 67.40 a piece, down 1.82 per cent, on the BSE.
A public sector firm under the administrative control of the Ministry of Mines, HCL is the country'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.

HCL's mines and plants are spread across four operating Units, one each in the States of Rajasthan, Madhya Pradesh, Jharkhand and Maharashtra.