HCC board OKs to raise Rs 350 cr via rights issue

The civil construction firm informed that its board has approved the offer and issue of equity shares by way of a rights issue to eligible equity shareholders as on record date for an amount not exceeding Rs 350 crore.

Further, the rights issue committee approved the allotment of 166,666,666 equity shares at a price of Rs 21 per equity share.

Accordingly, pursuant to the allotment, the paid-up equity share capital of the company has increased to 167,96,94,910 equity shares from 151,30,28,244 equity shares.

Hindustan Construction Company (HCC) is engaged in engineering and construction activities. It serves the infrastructure sectors of transportation, power and water.

The company reported a consolidated net profit of Rs 182.30 crore in Q4 FY23 as against a net loss of Rs 257.85 crore in Q3 FY23. Net sales rose 8.6% YoY to Rs 1,474.47 crore in the quarter ended 31 December 2023.

The scrip shed 1.98% to Rs 37.72 on Friday, 12 April 2024.

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