Hindustan Copper (HCL) has raised Rs 500 crore through issuance of shares to institutional investors. The qualified institutions placement (QIP) of Rs 500 crore has been fully subscribed. The funds from the QIP are proposed to be used to fund the ongoing capex/expansion plan of the company. The QIP of HCL closed on April 12 with wide participation from diverse investors including mutual funds, insurance companies, banks and foreign institutional investors. Launched on April 7, this is the first time issuance of a central public sector enterprise to raise funds by issue of shares via QIP.
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.
