HCC Secures Rs 600 Crore via QIP, Boosts Growth and Investments

Hindustan Construction Company Ltd has successfully raised Rs 600 crore through a Qualified Institutional Placement. The offering, priced at Rs 43.01 per share, attracted diverse global and domestic investors. Managed by Motilal Oswal and Elara Capital, the funds are aimed at enhancing business, working capital, and debt reduction.

Hindustan Construction Company Ltd (HCC) has announced the successful raising of Rs 600 crore through a Qualified Institutional Placement (QIP), marking a significant financial boost for the company.

The QIP, launched on December 16 and concluding on December 19, received an enthusiastic response, being fully subscribed in just a few hours. The shares were issued at a price of Rs 43.01 each, attracting key global and domestic investors such as SBI General Insurance, Citi Bank, BNP Paribas, Sriram Mutual Fund, Authum, and Samsung Family Office.

Proceeds from this fundraising are earmarked for business expansion, working capital enhancement, and debt reduction. Earlier this year, HCC garnered Rs 350 crore through a rights issue, which was oversubscribed 2.5 times. Motilal Oswal Investment Advisers and Elara Capital India orchestrated the QIP, with legal support from Cyril Amarchand Mangaldas and Rajani Associates.

(With inputs from agencies.)