Hindustan Construction Company said that its board has approved the closure of the issue for the qualified institutions placement of equity shares of the company on Thursday, 19 December 2024.
The QIP, which opened on 16 December 2024, saw a robust response and was fully subscribed within a few hours of its opening.
HCC has raised Rs 600 crore by issuing shares at an issue price of Rs 43.01 (including a premium of Rs 42.01 per share). The offering attracted a diverse pool of top-tier institutional investors with long-term outlooks including global and domestic investors like SBI General Insurance, Citi Bank, BNP Paribas Sriram Mutual Fund, Authum, Samsung Family Office, DE Shaw etc.
This is the second fundraising for HCC after its successful rights issue of Rs 350 crore in April 2024, which was over-subscribed by 2.5 times.
The QIP proceeds shall be primarily utilized for business growth, augmenting working capital and toward deleveraging.
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HCC is the flagship company of Hindustan Construction Company Group (HCC Group) and is involved in engineering and construction of infrastructure projects such as dams, tunnels, bridges, hydro, nuclear and thermal power plants, expressways and roads, marine works, water supply, irrigation systems and industrial buildings across the country.
The scrip fell 1.68% to currently trade at Rs 43.35 on the BSE.
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