NEW DELHI, Dec 20: Hindustan Construction Company Ltd (HCC) has raised Rs 600 crore through Qualified Institutional Placement (QIP), according to a company statement.
The company statement on Thursday said its QIP, which opened on December 16 and closed on December 19, received a robust response and was fully subscribed within a few hours of its launch.
“HCC has raised Rs 600 crore by issuing shares at an issue price of Rs 43.01 apiece, including a premium of Rs 42.01 apiece,” it added.
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, according to the statement.
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 utilised for business growth, augmenting working capital and toward deleveraging, it said.
Motilal Oswal Investment Advisers and Elara Capital India were appointed to manage the QIP offering. Cyril Amarchand Mangaldas and Rajani Associates were the legal advisors to the offering.
HCC operates in the Transportation, Power, and Water sectors. (PTI)
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