The board of directors of Hindustan Copper has recommended raising funds through issue of equity shares by QIP method for an amount not exceeding Rs1,400 crore

Shares of Hindustan Copper closed 0.23% down at Rs85.05 apiece on BSE. Photo: Indranil Bhoumik/Mint

New Delhi: State-run Hindustan Copper said its board on Wednesday approved a proposal to raise Rs1,400 crore by issuing equity shares through qualified institutional placement (QIP).

“The Board of Directors of Hindustan Copper Ltd in its meeting today has inter alia considered and recommended for seeking members’ approval for raising funds through issue of equity shares by QIP method for an amount not exceeding Rs 1,400 crore or USD 217 million whichever is higher,” it said in a BSE filing.

Hindustan Copper, a vertically integrated copper producer, is primarily engaged in business of mining and processing of copper ore to produce refined copper metal. Shares of Hindustan Copper closed 0.23% down at Rs85.05 apiece on BSE.

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