Hindustan Construction Company Ltd. (HCC) successfully concluded its Qualified Institutional Placement (QIP) on Thursday, December 19, raising ₹600 crore. The company issued 13.95 crore shares to eligible institutional bidders at a price of ₹43.01 per share, which is a 5% discount to the floor price of ₹45.27 per share.
HCC launched the QIP on December 16 to sell shares to qualified institutional investors. A significant portion of the QIP shares was allocated to prominent foreign investors, with the following major stakeholders:
- SBI General Insurance – 12.50%
- Societe Generale – ODI – 11.00%
- Citigroup Global Markets (Various Schemes) – 7.67%
- Leading Light Fund VCC – The Triumph Fund – 5.00%
These four funds were allocated more than 5% of the total shares reserved for the QIP.
As a result of this exercise, HCC’s total paid-up equity share capital has increased to ₹181.94 crore, comprising of 181.93 crore shares.
The company’s stock has seen a strong upward trajectory, rising 23% in the past month, approaching its 52-week high of ₹57.5. Despite a 1.6% dip on Thursday, the stock has surged by 58% in 2024, reflecting investor confidence.
