Hindustan Copper QIP of Rs 500 crore fully subscribed

Kolkata: The qualified institutions placement (QIP) of Hindustan Copper Limited (HCL) closed on April 12, 2021 with wide participation from diverse Investors including Mutual funds, Insurance companies, Banks and Foreign Institutional Investors. Launched on April 07, 2021, this is the first time issuance of a Central Public Sector Enterprise to raise funds by issue of shares via QIP. The QIP of Rs 500 crore has been fully subscribed. The funds from the QIP are proposed to be used to fund the ongoing Capex / expansion plan of the Company.

HCL (a CPSE under the Ministry of Mines, Govt. of India) is the only operating copper ore producing mining company in India and also the only vertically integrated producer of primary refined copper in India. HCL plans to expand its current ore production levels from 3.97 million tonne per annum to 12.2 million tonne per annum in phase-I (under implementation) through expansion of existing mines, reopening of closed mines and opening of new mines.