Hindustan Copper, a state-owned company, announced on Thursday that it intends to raise approximately Rs 548 crore through various financial channels. On May 19, 2023, the company’s board of directors will discuss a related proposal.
The company stated in a regulatory filing that 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 the company in one or more tranches at a face value of Rs 5 each.”
According to the statement, the board will also ask shareholders for permission before offering, issuing, and allocating secured or unsecured non-convertible debentures or bonds on a private placement basis up to Rs 500 crore.
Hindustan Copper, a subsidiary of the Ministry of Mines, is the sole vertically integrated copper producer in the nation, producing copper from mines through beneficiation, smelting, refining, and casting of refined copper metal into downstream marketable products. Its five units—one in each of Rajasthan, Madhya Pradesh, Jharkhand, Maharashtra, and Gujarat—comprise five mines and plants.
