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  • HCC’s happy ending with Rs 600 crore QIP

HCC’s happy ending with Rs 600 crore QIP

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Hapbco
27 Dec 2024

Hindustan Construction Company (HCC) has concluded its Rs 600 crore Qualified Institutional Placement (QIP). The QIP saw a robust response and was fully subscribed within a few hours of its opening. HCC has raised Rs 600 crore by issuing shares at an issue price of Rs 43.01.

The offering attracted a diverse pool of top-tier institutional investors with long-term outlooks including global and domestic investors like SBI General Insurance, Citi Bank, BNP Paribas, Sriram Mutual Fund, Authum, Samsung Family Office, DE Shaw etc., demonstrating strong confidence in HCC’s strategic vision and future growth prospects.

Arjun Dhawan, VC, HCC, said, “We remain steadfast in our commitment to quality, governance and growth as HCC proudly enters its millennial year.”

This is the second fundraising for HCC after its rights issue of Rs 350 crore in April 2024, which was over-subscribed by 2.5 times. The QIP proceeds shall be primarily utilized for business growth, augmenting working capital and toward deleveraging.

Motilal Oswal Investment Advisers and Elara Capital India were appointed to manage the QIP offering. Cyril Amarchand Mangaldas and Rajani Associates were the legal advisors to the offering.