Hindustan Construction Co. announced that its board of directors has approved raising Rs 1,000 crore via Qualified Institutional Placement, according to the term sheet viewed by NDTV Profit.
The QIP, which opened on Dec. 16, has a floor price of Rs 45.27 per equity share. The company will offer a discount of 5% on the floor price.
The final issue price will be determined in consultation with the book running lead managers appointed for the issue.
In connection with the QIP, the company's trading window has been closed effective immediately and will remain shut until Dec. 21, both days inclusive.
The engineering and construction company reported multi-fold rise in consolidated net profit to Rs 63.93 crore during the September quarter. The company had posted a consolidated net profit of Rs 6.38 crore in the year-ago period.
HCC has submitted bids worth Rs 3,800 crore which are under evaluation, while work is underway on a future bid pipeline of Rs 46,000 crore.
During the quarter, the company received its project taking over certificate for Delhi Metro's DC06 package and the south-bound arm of the Mumbai Coastal Road Project, which was inaugurated by the Maharashtra Chief Minister, HCC said in a statement.
HCC Share Price Today
HCC stock fell as much as 2.62% during the day to Rs 45.71 apiece on the NSE. It was trading 2.17% lower at Rs 45.92 apiece, compared to a 0.30% decline in the benchmark Nifty 50 as of 9:19 a.m.
It has risen 65.82% in the last 12 months and 85.4% on a year-to-date basis. The relative strength index was at 60.20.
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