NEW DELHI, Dec 20: Hindustan Construction Company Ltd (HCC) successfully raised Rs 600 crore through a Qualified Institutional Placement (QIP), as stated by the company.
According to the company’s announcement on Thursday, the QIP, which commenced on December 16 and concluded on December 19, garnered strong interest, being fully subscribed within mere hours of its inception.
“HCC has successfully raised Rs 600 crore by offering shares at an issue price of Rs 43.01 each, which includes a premium of Rs 42.01 per share,” the statement elaborated.
The offering attracted a diverse array of prominent institutional investors with a long-term perspective, including both international and domestic entities such as SBI General Insurance, Citi Bank, BNP Paribas, Sriram Mutual Fund, Authum, and Samsung Family Office, as mentioned in the announcement.
This marks the second fundraising initiative for HCC following its successful rights issue of Rs 350 crore in April 2024, which was oversubscribed by 2.5 times. The proceeds from the QIP will primarily be used for business expansion, enhancing working capital, and reducing debt, according to the statement.
Motilal Oswal Investment Advisers and Elara Capital India were appointed as managers for the QIP offering, while Cyril Amarchand Mangaldas and Rajani Associates served as legal advisors.
HCC is active in the Transportation, Power, and Water sectors. (PTI)
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