Hindustan Construction raises ₹350 crore via rights issue

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Hindustan Construction Company has raised ₹350 crore through the rights issue. According to the company’s statement, the issue has been oversubscribed by 250 per cent, with the company receiving applications worth ₹877 crore (the balance being refunded to investors).

The equity shares have been allotted to the applicants as per allotment basis. The lead manager for the rights issue was lOBI Capital Markets & Securities Ltd. 

Arjun Dhawan, Vice Chairman, said, “We are grateful to our shareholders for their overwhelming support as we chart a new chapter in HCC’s growth.”

The number of shares in HCC has increased by 16,66,66,666, from 151,30,28,244 to 167,96,94,910 and the paid-up share capital has increased from ₹151 crore to ₹168 crore.

HCC stock closed at ₹35.20 on the NSE on Friday, down by 0.28 per cent.