Hindustan Construction arm Lavasa Corporation to raise Rs 2000 crores through IPO

Hindustan Construction Company Ltd (HCC) has announced that the Board of Directors of Lavasa Corporation Ltd. a Subsidiary Company of the Company, has informed HCC that they have, at their Meeting held on July 30, 2010 approved the proposal to undertake, subject to market conditions, obtaining necessary shareholder and regulatory approvals, an initial public offering of its Equity Shares for an amount up to Rs. 2,000 crores.

The Hindustan Construction Company stock was trading at Rs.135.75, up by Rs.6.95 or 5.40%. The stock hit an intraday high of Rs.139.50 and low of Rs.126.80.

The total traded quantity was 3208188 compared to 2 week average of 519911.

Source : Equity Bulls

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