Hindustan Copper Ltd opens QIP

Pursuant to the approval of Board of Directors ("the Board") of Hindustan Copper Ltd (the "Company") at its meeting held on October 29, 2020 and approval of the Shareholders of the Company by way of a Special Resolution on January 28, 2021 through Postal Ballot, the Board in its meeting held today i.e. April 7, 2021 has, considered and approved the opening of the Qualified institutions placement (QIP) of Equity Shares of face value Rs. 5 each today, i.e. April 7, 2021.

The board approved and adopted the Preliminary Placement Document dated April 7, 2021 and the Application Form dated April 7, 2021 in connection with the Issue.

The board approved and taken on record the Floor Price in respect of the aforesaid Issue based on the pricing formula as prescribed under Regulation 176(1) of the SEBI ICDR Regulations being Rs. 125.79 per Equity Share and in accordance with Regulation 176(1) of the SEBI ICDR Regulations, the Company may offer a discount of not more than 5% on the Floor Price so calculated for the Issue. The issue price will be determined by the Company in consultation with the Book Running Lead Managers appointed for the Issue.

Shares of HINDUSTAN COPPER LTD. was last trading in BSE at Rs.145.15 as compared to the previous close of Rs. 138.25. The total number of shares traded during the day was 689600 in over 5470 trades.

The stock hit an intraday high of Rs. 145.15 and intraday low of 138.7. The net turnover during the day was Rs. 99541769.

Source : Equity Bulls

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