Hindustan Copper said that its board has approved a proposal to raise funds via qualified institutional placement of equity shares and issue of non-convertible debentures.
The board has approved the issuance of up to 9,69,76,680 equity shares of face value of Rs 5 each of the company in one or more tranches.
It has also accorded its approval to the issue of secured or unsecured non-convertible debentures or bonds on private placement basis up to Rs 500 crore.
The company will seek shareholders' approval for the same at the ensuing AGM.
Hindustan Copper is engaged in the exploration, exploitation, and mining of copper and copper ore, including beneficiation of minerals, smelting, and refining. As of 31 March 2022, the Government of India holds 66.14% in the company.
The company reported a consolidated net profit of Rs 88.99 crore in the quarter ended March 2022 as against net loss of Rs 36.81 crore during the previous quarter ended March 2021. Sales during the quarter rose 4.45% YoY to Rs 545.46 crore.
The scrip rose 0.46% to currently trade at Rs 87.55 on the BSE.
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