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Hindustan Construction Company (HCC), one of the largest infrastructure developer in the country, announced that on Thursday the company raised Rs. 497.6 crores through a rights issue.
The company in a statement said that the issue was oversubscribed, with HCC receiving applications worth Rs. 551.38 crores for sale through which it would issue up to 49.75 crore equity shares.
Arjun Dhawan, Group Chief Executive, in the statement said: “We remain firmly on the path of strengthening our financial profile and having completed another milestone with the completion of this rights issue.”
The company’s paid-up equity capital will jump from Rs. 101.55 crores to Rs. 151.30 crores after the issuance, meanwhile the promoters’ shareholding will increase from 27.80% to 33.12%. The lead manager of the issuance was ICICI Securities.
