Hindustan Copper Ltd (HCL) today said that its board has approved the proposal to increase borrowing from the consortium banks/other banks from existing Rs 250 crore to Rs 550 crore.
The approval was given in a board meeting held today.
"Board of directors of (HCL)...Has approved proposal for increase in borrowing from the consortium banks/ other banks by way of overdraft or cash credit, working capital demand loan, bill discounting, other working capital arrangements from existing Rs 250 crore to Rs 550 crore," Hindustan Copper said in a filing to BSE.
The company markets copper cathodes, copper wire bar, continuous cast copper rod and by-products, such as anode slime, copper sulphate and sulphuric acid. More than 90 per cent of the sales revenue is from cathode and continuous cast copper rods, according to HCL website.
HCL's mines and plants are spread across four operating units, one each in the states of Rajasthan, Madhya Pradesh, Jharkhand and Maharashtra.
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