May 18, 2021

Hindustan Copper board defers decisions of proposals due to less time

State-owned Hindustan Copper said its board could not deliberate on various proposals, including raising of up to Rs 200 crore via preference shares, at its meeting on Thursday due to paucity of time.

“Due to paucity of time, the…. proposals could not be discussed and deferred by the board,” it said in a regulatory filing.

The proposals include considering and recommending “to the Ministry of Mines for allowing issuance of 20 lakh preference shares of face value of Rs 1,000 each aggregating to Rs 200 crore of compulsorily convertible preference share for the purpose of meeting expansion/ capex plan and general corporate purpose.”

The board also could not take up a proposal to modify the object clause of its qualified institutional placement (QIP) to ‘expansion/ capex plan and general corporate purpose’ in place of ‘expansion/capex plan’.

“The proposal to consider and recommend seeking approval of shareholders for the overall borrowing limit of Rs 2,500 crore for all types of borrowings/ loans including bonds across various products, together with interest, and for creation of security as may be required for the borrowing” also could not be considered by the board, the company said.

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