Financial Services News

Hindustan Copper plans to raise around ₹548 crore

Gujarat Copper Project (GCP) of state-owned Hindustan Copper Ltd. at Jhagadia in Gujarat.
| Photo Credit: PTI

State-owned Hindustan Copper on May 11 said it plans to raise around ₹548 crore through various financial routes.

A proposal in this regard will be taken up at the company’s board meeting next week on May 19, 2023.

In a regulatory filing, the company said its board will consider the “recommendation for seeking approval of shareholders to raise funds by issue of equity shares through qualified institutional placement method to the extent of 9,69,76,680 equity shares of face value of ₹5 each of the company in one or more tranches”.

The board will also seek approval of shareholders to offer, issue and allot secured or unsecured non-convertible debentures or bonds on private placement basis up to ₹500 crore, it said.

Under the Ministry of Mines, Hindustan Copper is the country’s only vertically integrated copper-producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.

Its mines and plants are spread across five units, one each in Rajasthan, Madhya Pradesh, Jharkhand, Maharashtra, and Gujarat.

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