HCC Limited raises Rs 4.98 billion through rights issue

The Hindustan Construction Company (HCC) has raised Rs 4.98 billion through a rights issue of its equity shares. The issue was oversubscribed with HCC receiving applications worth Rs 5.51 billion. The company will retain Rs 4.98 billion, with the balance being refunded to investors. Valid applications were received for 110.74 per cent of the aggregate issue of up to 497,576,833 equity shares of a face value of Re 1 each, at an issue price of Rs 10 per equity share. ICICI Securities Limited was the lead manager to the rights issue. Upon completion of the issue, the paid-up share capital of the company has increased to Rs 1.51 billion from Rs 1.02 billion and the promoter/promoter group shareholding has increased to 33.12 per cent from 27.8 per cent.