Hindustan Copper considers raising ₹548 crore through QIP
1 min read 11 May 2023, 01:31 PM ISTHindustan Copper said that its board will consider recommendation for seeking approval of shareholders to raise funds by issue of equity shares through QIP to the extent of 9,69,76,680 equity shares of face value of ₹5 each in one or more tranches.
PremiumHindustan Copper Ltd, the state-run copper miner, Thursday informed that it plans to raise around ₹548 crore through various routes including Qualified Institutional Placement (QIP) and issuance of bonds. A proposal regarding this will be taken up at the company’s board meeting on May, 19, 2023.
In an exchange filing, the company said that its board will consider recommendation for seeking approval of shareholders to raise funds by issue of equity shares through Qualified Institutional Placement method to the extent of 9,69,76,680 equity shares of face value of ₹5 each in one or more tranches.
It will also consider to offer, issue and allot secured or unsecured non-convertible debentures or bonds on private placement basis up to ₹500 crore.
The PSU informed that the meeting of its Board of Directors will also consider approval of Accounts and Financial Results for the quarter and year ended on March 31, 2023 and recommendation for seeking approval of shareholders for payment of dividend for FY 2022-23.
Hindustan Copper is the country's only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.
Its mines and plants are spread across five units, one each in Rajasthan, Madhya Pradesh, Jharkhand, Maharashtra and Gujarat.
Also Read: Hindustan Copper signs MoU with IIT (ISM) Dhanbad to enhance copper ore production
The share price of Hindustan Copper has risen by 10.7% in the last one year. The total market capitalisation of the company stands at ₹10,134 crore.
The company had reported a net profit of ₹80.20 crore in the quarter ended December 2022, a fall of 53.29% from ₹171.69 crore, YoY. Its revenue increased 2.32% YoY to ₹557.04 crore in Q3FY23 from ₹544.41 crore in Q3FY22.
At 1:10 pm, the shares of Hindustan Copper were trading 0.71% lower at ₹104.95 apiece on the BSE.
