New Delhi: State-owned Hindustan Copper, said on Thursday that it is planning to raise Rs 548 crore by looking upon various financial routes. The company’s board in the next meeting will be taking a proposal regarding this on May 19, 2023.

For the regulatory filings, the company said that its board will contemplate about “recommendation for seeking approval of shareholders to raise funds by issues of equity shares through qualified institutional placement method to the extent of 9,69,76,680 equity of face value of Rs 5 each of the company in one or more tranches.”

Board will further seek approval of shareholders to offer, issue and allot secured or unsecured non – convertible debentures or bonds on a private placement basis up to Rs 500 crore, it said

The Ministry of Mines owns Hindustan Copper, India’s only vertically integrated copper-producing firm as it deals to manufacture copper straight from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products

The mines and plants of Hindustan Copper have been set up unit-wise, one unit is in Rajasthan, One in Madhya Pradesh, one in Jharkhand, another in Maharashtra, and in Gujrat.

Progress

The Hindustan copper share prices have taken a hike by 10.7% during this year. The market capitalisation of the company amounts to Rs 10,134 crore.

The company also reported a net profit of Rs.80.20 crore in the quarter that ended on December 2022, and saw a fall of 53.29% from Rs 171.69 crore, YoY.

Subsequently, its revenue increased by 2.32% YoY to Rs 557.04 crore in Q3FY2023 from Rs 544.41 crore in Q3FY2022.