Hindustan Copper Ltd.: Hindustan Copper raises Rs 500 crore via QIP issue

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NEW DELHI: State-owned Hindustan Copper (HCL) on Thursday mentioned it has raised Rs 500 crore by way of issuance of shares to institutional buyers. “The qualified institutions placement (QIP) of Rs 500 crore has been fully subscribed,” the PSU mentioned in an announcement.

The funds from the QIP are proposed for use to fund the continued capex/enlargement plan of the corporate.

The QIP of HCL closed on April 12 with large participation from numerous buyers together with mutual funds, insurance coverage firms, banks and international institutional buyers.

Launched on April 7, that is the primary time issuance of a central public sector enterprise to boost funds by issue of shares via QIP.

HCL, a CPSE below the Ministry of Mines, is the one working copper ore producing mining firm in India and in addition the one vertically built-in producer of main refined copper within the nation.

HCL plans to increase its present ore manufacturing ranges from 3.97 million tonne every year to 12.2 MTPA in phase-I (below implementation) by way of enlargement of present mines, reopening of closed mines and opening of recent mines.

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