Hindustan Construction Company (HCC) said Wednesday its board has approved plan to raise up to Rs 500 crore from its existing shareholders.
The Board of Directors of the company in its meeting on September 5, has approved the issue of equity shares of the company by way of a rights issue to the existing shareholders, HCC said in a BSE filing.
"The rights issue will be for an overall amount not exceeding Rs 500 crore and shall be in accordance with SEBI regulations," the filing said.
The Board has constituted a Rights Issue Committee for the purpose of giving affect to the issue, and it has been authorised to finalise terms and conditions of the issue, including the rights entitlement ratio, price, record date, timing of issue and other related matters, the filing said.
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