Hindustan Copper has received approval from Cabinet for issuance of fresh 13,87,82,700 equity shares to the extent of 15% of paid up equity capital efface value of Rs 5 each by the company through the Qualified Institutions Placement (QIP).
As a result, government shareholding in the company will come down from 76.05% to 66.13%. Further, the paid-up share capital of the company will increase from the present Rs 462.61 crore to Rs 532 crore. The company will use the proceeds of QIP to meet its expansion/CAPEX plan.
Hindustan Copper’s principal activities include mining of copper ore, concentration of copper ore into copper concentrate through a beneficiation process and also smelting, refining and extruding of the copper concentrate into refined copper in downstream saleable products.
