Hindustan Copper surges 3% as board to mull raising Rs 500 crore

New Delhi: Shares of Hindustan Copper rose by 3 per cent in Monday’s trade to Rs 88.10 as the firm’s board will meet on June 30, to consider a proposal to raise up to Rs 500 crore by issuing debentures.

A meeting of the board of directors will be held on the 30th of June 2022 to inter alia, consider and recommend resolutions seeking approval of the shareholders of the company to authorise the Board of Directors to offer, issue and allot secured or unsecured non-convertible debentures or bonds on a private placement basis of up to Rs 500 crore, said the PSU in BSE filing.

Currently, the scrip traded at Rs 87.6, around 2.6 per cent above its previous close of Rs 85.35. It hit a day's high of Rs 85.35.

The board will also consider raising funds through a qualified institutional placement method. HCL is a public sector undertaking under the administrative control of the Ministry of Mines.

Hindustan Copper, incorporated in the year 1967, has a market cap of Rs 8,413.88 crore. Presently, the promoter group held a 66.14 per cent stake in the company as of March 31, 2022.