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Hindustan Construction Company Limited's rights issue has received a two-fold subscription, with applications amounting to INR 2,008 crore against an issue size of INR 999.99 crore. The company will retain funds equal to the issue size and refund the excess as per regulations. Management said the issue strengthens the balance sheet and supports deleveraging and long-term growth. Post-issue, HCC's equity shares will increase by nearly 80 crore units, raising the paid-up share capital from INR 181.94 crore to INR 261.94 crore.
Hindustan Construction Company Limited (HCC) has reported a strong response to its recent rights issue, which was subscribed nearly two times. The company received applications worth INR 2,008 crore against an issue size of INR 999.99 crore, indicating healthy investor interest. Advertisement
In its statement, HCC said it will retain funds equivalent to the issue size, while the excess amount collected through subscriptions will be refunded to investors in line with applicable regulatory norms. The company clarified that the process will follow established market regulations.
Vice Chairman and Managing Director Arjun Dhawan stated that the response to the rights issue has helped strengthen the company's balance sheet. He added that the funds will support HCC's ongoing deleveraging efforts and its long-term growth plans.
The company also confirmed that equity shares will be allotted to eligible applicants based on the final basis of allotment, which will be determined in consultation with BSE Limited, the designated stock exchange for the issue.
Following the rights issue, HCC's equity base will expand significantly. The total number of equity shares will rise by 79,99,91,900 units, increasing from 1,81,94,76,162 shares to 2,61,94,68,062 shares. As a result, the paid-up share capital will increase by INR 79.99 crore, moving from INR 181.94 crore to INR 261.94 crore.
HCC has been focusing on improving its financial position over the past few years, including reducing debt and streamlining operations, as it continues to work on infrastructure and construction projects across India.
Source PTI
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