The Hindu Business Line : HCC plans to raise $150 m in overseas market

THE board of directors of Hindustan Construction Company Ltd (HCC) has approved plans to raise funds through FCCBs, SPNs and equity shares through the depository receipt mechanism by way of GDRs/ADRs and other financial instruments (OFIs) convertible into equity shares aggregating $150 million (Rs 660 crore).

An official statement here said HCC has an order book of over Rs 8,000 crore and it was likely to receive a few more projects shortly where its bids are the lowest.

The proceeds from the issue would be used to meet the demands of the construction business in line with the stipulated end-use guidelines for capital expenditure, modernisation and other purposes.

HCC also plans to use a part of these funds for investment in Hincon Realty Ltd, its 100 per cent subsidiary that was floated recently to take advantage of opportunities in integrated township development.

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