HCC Rights Issue Oversubscribed Two-Fold

New Delhi, Dec 23 (PTI) Hindustan Construction Company Limited (HCC) on Tuesday said its rights issue received two-fold subscription, drawing applications worth Rs 2,008 crore against an issue size of Rs 999.99 crore.

The company, in a statement, said it has retained proceeds equivalent to the issue size, and the balance amount will be refunded to investors in accordance with applicable regulations.


HCC vice chairman and managing director Arjun Dhawan said, "The response to the Rights Issue strengthens our balance sheet while supporting ongoing deleveraging and our long-term growth strategy".

Equity shares will be allotted to eligible applicants in accordance with the basis of allotment finalised in consultation with the designated stock exchange, BSE Limited.

Pursuant to the rights issue, the number of equity shares will increase by 79,99,91,900 units, from 1,81,94,76,162 shares to 2,61,94,68,062 shares, and the paid-up share capital will increase by Rs 79.99 crore, from Rs 181.94 crore to Rs 261.94 crore.