Shares of Hindustan Construction Company (HCC) rose 2.6 percent intraday Friday after company filed draft letter of offer with SEBI & exchanges for rights issue.
The company at the meeting of the rights issue committee held on September 10, 2018 approved the Draft Letter of Offer (DLOF) dated September 12, 2018 for submission to the Securities and Exchange Board of India (SEBI) and the Stock Exchanges where the equity shares of the Company are listed.
The DLOF has been submitted to SEBI and Stock Exchanges for seeking in-principal approval for the said issue.
On September 5, 2018 the board had approved the issue of equity shares of the company of face value Re 1 each by way of a rights issue to the existing shareholders of the company on the record date for an amount not exceeding Rs 500 crore.
At 13:32 hrs Hindustan Construction Company was quoting at Rs 14.58, up Rs 0.25, or 1.74 percent on the BSE.
The stock price plunged 53 percent in the last 6 months.
Posted by Rakesh Patil
courtsey By – https://www.moneycontrol.com/news/buzzing-stocks/hcc-rises-2-as-co-files-draft-letteroffersebiexchanges-for-rights-issue_11422741.html