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Hindustan Copper board to review QIP status to raise Rs 1,400 cr on Thursday

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State-owned Hindustan Copper today said its board will meet tomorrow to review the status of qualified institutional placement (QIP) for raising Rs 1,400 crore.

Hindustan Copper's board had earlier approved a proposal to raise up to Rs 1,400 crore by issuing equity shares through QIP.

Board meeting of the company has been convened at short notice on July 26, 2018 to inter alia review the status of QIP, the company said in a filing to BSE.

"The board of the company in its meeting held on January 31, 2018 recommended seeking members approval for raising funds through issue of equity shares by Qualified Institutional Placement (QIP) method for an amount not exceeding Rs 1,400 crore or USD 217 million, which ever is higher," the filing said.

Hindustan Copper, a vertically integrated copper producer, is primarily engaged in business of mining and processing of copper ore to produce refined copper metal.

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