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Hindustan Copper board defers decisions of proposals due to less time

"Due to paucity of time, the.... proposals could not be discussed and deferred by the board," it said in a regulatory filing

Topics
Hindustan Copper | QIP | Capex spending

Press Trust of India  |  New Delhi 

Hindustan Copper Limited's Indian Copper Complex, Jharkhand
The board also could not take up a proposal to modify the object clause of its qualified institutional placement (QIP) to ''expansion/ capex plan and general corporate purpose'' in place of ''expansion/capex plan''.

State-owned said its board could not deliberate on various proposals, including raising of up to Rs 200 crore via preference shares, at its meeting on Thursday due to paucity of time.

"Due to paucity of time, the.... proposals could not be discussed and deferred by the board," it said in a regulatory filing.

The proposals include considering and recommending "to the Ministry of Mines for allowing issuance of 20 lakh preference shares of face value of Rs 1,000 each aggregating to Rs 200 crore of compulsorily convertible preference share for the purpose of meeting expansion/ capex plan and general corporate purpose."

The board also could not take up a proposal to modify the object clause of its qualified institutional placement (QIP) to 'expansion/ capex plan and general corporate purpose' in place of 'expansion/capex plan'.

"The proposal to consider and recommend seeking approval of shareholders for the overall borrowing limit of Rs 2,500 crore for all types of borrowings/ loans including bonds across various products, together with interest, and for creation of security as may be required for the borrowing" also could not be considered by the board, the company said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, September 11 2020. 00:10 IST
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