HCC raises around Rs 500 crore through oversubscribed rights issue

Infrastructure developer Hindustan Construction Company (HCC) Thursday raised Rs 497.6 crore through a rights issue. The issue was oversubscribed with HCC getting applications worth Rs 551.38 crore for sale through which it would issue up to 49.75 crore equity shares, the company said in a statement. With this the paid-up equity capital of the company will go up to Rs 151.30 crore from Rs 101.55 crore while the promoters' shareholding will increase to 33.12 per cent from 27.80 per cent now.

"We remain firmly on the path of strengthening our financial profile and having completed another milestone with the completion of this rights issue," group chief executive Arjun Dhawan said in the statement. ICICI Securities was the lead-manager to the issue.