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HCC allots shares worth Rs. 400 crore to institutional investors

Infrastructure major Hindustan Construction Company Ltd on Friday said it has decided to allot 13.3 crore shares worth about Rs. 400 crore to institutional investors.

The decision was taken during the company’s board meeting held today, HCC said in a regulatory filing.

“The QIP (Qualified Institutional Placement) committee of the board of directors of the company at its meeting held on April 10, has decided to issue and allot…133,332,800 equity shares of face value of Rs. 1 at a price of Rs. 30 per equity share…Aggregating to Rs. 399,99,84,000,” it said.

HCC had on April 7 announced opening of share sale to qualified institutional investors at a price of Rs. 30.98 a piece.

The QIP committee of the HCC board of directors decided to open the issue, the company had said.

“The floor price in respect of the Issue, based on the pricing formula prescribed under Regulation 85 of the SEBI regulations, is Rs. 30.98 per equity share of the company and the relevant date for this purpose…Is April 6, 2015,” HCC said.

The company may offer a discount of up to 5 per cent on the floor price in accordance of Regulation 85 of the SEBI regulations, the filing had added.

The HCC scrip closed at Rs. 35.30, down 1.67 per cent, on the BSE.

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