HCC share price hit 52 week high of Rs 44.80 and surged almost 7 per cent on the NSE, after the company said that it will this month seek shareholders' nod for conversion of loan into equity shares or optionally convertible debentures pursuant to implementation of the RBI - Reserve Bank of India’s scheme for sustainable structuring of stressed assets.
HCC said in an EGM notice that the EGM - Extra Ordinary General Meeting of the company will be held on 5th January, 2017 to take shareholders approval for conversion of loan by lenders into equity shares/ OCDs or Optionally convertible debentures of the firm pursuant to implementation of the RBI S4A Scheme for the Company.
The construction & engineering major Hindustan Construction Company (HCC) had earlier in month the month of December approved the issuance of equity shares as well as OCDs worth about Rs 2,000 cr to the lenders, under the scheme for S4A - sustainable structuring of stressed assets. HCC is the first firm to get its debt restructured under the Sustainable Structuring of Stressed Assets (S4A) scheme.
At 10:22 am; HCC share price was up 4 per cent on the NSE. The counter has seen a huge trading action with over one crore shares changing hands till now.
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