HCC gains 4% on board nod for S4A scheme, bank guarantee limit

Hindustan Construction Company shares touched fresh 52-week high of Rs 42.65, up 4 percent intraday Friday after the board approved issuance of equity shares as well as optionally convertible debentures to lenders under RBI's S4A scheme and the bank guarantee limits.
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Dec 02, 2016, 03.04 PM | Source: Moneycontrol.com

HCC gains 4% on board nod for S4A scheme, bank guarantee limit

Hindustan Construction Company shares touched fresh 52-week high of Rs 42.65, up 4 percent intraday Friday after the board approved issuance of equity shares as well as optionally convertible debentures to lenders under RBI's S4A scheme and the bank guarantee limits.

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HCC gains 4% on board nod for S4A scheme, bank guarantee limit

Hindustan Construction Company shares touched fresh 52-week high of Rs 42.65, up 4 percent intraday Friday after the board approved issuance of equity shares as well as optionally convertible debentures to lenders under RBI's S4A scheme and the bank guarantee limits.

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Moneycontrol Bureau

Hindustan Construction Company shares touched fresh 52-week high of Rs 42.65, up 4 percent intraday Friday after the board approved issuance of equity shares as well as optionally convertible debentures to lenders under RBI's S4A scheme and the bank guarantee limits.

"The board of directors today has approved issuance of 25.19 crore equity shares of face value of Re 1 each, representing 24.44 percent of the expanded share capital of the company and such optionally convertible debentures (OCDs) of face value Rs 1000 each not exceeding Rs 2,000 crore on preferential basis, to the lenders," the Mumbai-based infrastructure company said in its filing.

The board convened an extraordinary general meeting of the company on January 5, 2017 for seeking shareholders' approval for the approval of S4A scheme.

The board has also approved Rs 2,100 crore bank guarantee limits for release of arbitral award amount as per Cabinet Committee on Economic Affairs (CCEA) approval for revival of the construction sector directing government agencies to pay 75 percent of the arbitral award amount against margin free bank guarantee.

HCC has recently received communication from government agencies to submit bank guarantee and escrow account details for release of 75 percent of arbitral awards.

It has arbitration awards for Rs 3,427 crore as of September 2016. Further claims worth around Rs 4,173 crore are in arbitration process, it said.

At 14:44 hours IST, the stock was quoting at Rs 41.40, up Rs 0.40, or 0.98 percent on the BSE.

Posted by Sunil Shankar Matkar

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HCC gains 4% on board nod for S4A scheme, bank guarantee limit

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