Hindustan Copper plans to raise borrowing limits to Rs 2,500 cr

State-owned Hindustan Copper Thursday said that next week, its board will consider increasing borrowing limits from the existing Rs 1,500 crore to Rs 2,500 crore.

In a filing to the BSE, the company said "the board of directors in its meeting scheduled on May 28, 2019, will inter alia consider and recommend increase in borrowing limits from existing Rs 1,500 crore to Rs 2,500 crore...and creation of security/charge for seeking approval of shareholders of the company".

Hindustan Copper Ltd (HCL) is a public sector undertaking under the administrative control of the Ministry of Mines.

The company had earlier said its board has approved raising up to Rs 1,400 crore through an issue of equity shares to qualified institutional investors.

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.