HCC's Phenomenal Rights Issue Success: A New Era of Growth

Hindustan Construction Company Limited (HCC) announced its rights issue was oversubscribed twice over, with applications worth Rs 2,008 crore against an issue size of Rs 999.99 crore. Proceeds will enhance its long-term growth strategy. The issue increases share capital by Rs 79.99 crore, benefiting its financial health.

In a remarkable display of investor confidence, Hindustan Construction Company Limited (HCC) unveiled that its rights issue attracted applications valuing double its original size. The rights issue, pegged at Rs 999.99 crore, ultimately garnered interest worth Rs 2,008 crore.

The conglomerate has retained funds matching the issue size, with the remainder to be refunded in accordance with regulations. This initiative is poised to fortify HCC's financial standing and further its growth objectives, said Arjun Dhawan, the company's vice chairman and managing director.

Post-issue, the company's equity shares will expand by nearly 80 crore units, catapulting its paid-up share capital from Rs 181.94 crore to Rs 261.94 crore, signifying a robust financial transformation for HCC.

(With inputs from agencies.)