Hind Copper to seek shareholders' nod to raise Rs 500 cr via debentures

Hindustan Copper Ltd, under the administrative control of the ministry of mines, is a vertically integrated copper producing company

State-owned Hindustan Copper on Thursday said that its board has suggested seeking shareholders' approval to raise up to Rs 500 crore through debentures.

The board has also recommended taking the approval of the shareholders in the ensuing annual general meeting for raising funds by issue of equity shares through Qualified Institutional Placement.

"The board of directors of Hindustan Copper Ltd ...has recommended seeking approval of the shareholders in the ensuing AGM to authorise the board... to offer, issue and allot secured or unsecured non-convertible debentures or bonds on private placement basis up to Rs 500 crore," the state-owned company said in a filing to BSE.

Hindustan Copper Ltd, under the administrative control of the ministry of mines, is vertically integrated copper producing company which manufactures copper from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.