HCC's Rs 350-crore rights issue oversubscribed

Hindustan Construction Company Limited (HCC) on Friday said its rights issue has been oversubscribed by 250 per cent, with the company receiving applications worth Rs 877 crore against an issue size of Rs 350 crore.

The company, in a statement, said it has retained an amount of Rs 350 crore, corresponding to 100 per cent of the rights issue size, with the balance being refunded to investors.

Equity shares have been allotted to the applicants as per the basis of allotment finalised with the designated stock exchange BSE Limited, it added.

HCC Vice Chairman Arjun Dhawan said, "We are grateful to our shareholders for their overwhelming support as we chart a new chapter in HCC's growth".

Through the rights issue, the company said the number of shares in HCC has increased by 16,66,66,666 - from 1,51,30,28,244 to 1,67,96,94,910, and the paid-up share capital has increased by Rs 17 crore - from Rs 151 crore to Rs 168 crore.

The lead manager for the rights issue was IDBI Capital Markets & Securities Ltd.