New Delhi: Hindustan Copper, a government-owned company, has revealed its plan to raise approximately Rs 548 crore through a variety of financial methods. The board of directors will discuss the proposal during their meeting on May 19, 2023. In a regulatory filing, the company stated that the board would consider the recommendation to seek shareholder approval for the issuance of equity shares through the qualified institutional placement method. The equity shares will be worth 9,69,76,680 and will have a face value of Rs 5 each. The company plans to offer the equity shares in one or more tranches. Additionally, the board will seek approval for the allotment of secured or unsecured non-convertible debentures or bonds on a private placement basis up to Rs 500 crore.
Hindustan Copper is the only vertically integrated copper-producing company in India under the Ministry of Mines. The company manages the production of copper from mining to refining and casting of refined copper metal into downstream saleable products. The company’s mines and plants are located in five different units across Rajasthan, Madhya Pradesh, Jharkhand, Maharashtra, and Gujarat.
By raising funds through various financial methods, Hindustan Copper can support its operations and continue its position as India’s leading copper producer. This decision will also allow the company to invest in its existing mines and plants, which will increase efficiency and production output. Ultimately, this will benefit the Indian economy and the copper industry as a whole.
