Hindustan Copper rose 1.93% to Rs 87 after the state owned miner said that its board will consider raising funds on Thursday, 30 June 2022.
The board of Hindustan Copper will consider a qualified institutional placement (QIP) of 9,69,76,680 equity shares of face value of Rs 5 each of the company in one or more tranches.
Further, the company's board will also consider to offer, issue and allot secured or unsecured non-convertible debentures (NCDs) or bonds on private placement basis up to Rs 500 crore.
Hindustan Copper is engaged in the exploration, exploitation, and mining of copper and copper ore, including beneficiation of minerals, smelting, and refining. As of 31 March 2022, the Government of India holds 66.14% in the company.
The company reported a consolidated net profit of Rs 88.99 crore in the quarter ended March 2022 as against net loss of Rs 36.81 crore during the previous quarter ended March 2021. Sales during the quarter rose 4.45% YoY to Rs 545.46 crore.
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