Hindustan Copper board to consider proposal to raise Rs 500 crore via debentures

(Representative Image)

State-owned Hindustan Copper Ltd's board will meet this week to consider a proposal to raise up to Rs 500 crore by issuing debentures.

"A meeting of the board of directors of Hindustan Copper Ltd (HCL) will be held on 30th June 2022 to inter alia, consider and recommend resolutions seeking approval of the shareholders of the company to authorise the board of directors…to offer, issue and allot secured or unsecured non-convertible debentures or bonds on a private placement basis up to Rs 500 crore," the PSU said in a BSE filing.

The board will also consider raising funds through a qualified institutional placement method, it added. HCL is a public sector undertaking under the administrative control of the Ministry of Mines.

It has the distinction of being the nation's only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining, and casting of refined copper metal into downstream saleable products.