State-owned Hindustan Copper is planning to spend up to Rs 5,500 crore for expansion and is seeking an in-principle nod from cabinet to raise Rs 1,200 crore via qualified institutional placement (QIP), sources privy to the developments told CNBC-TV18.

The QIP issue will be for 15 percent additional equity and it will decrease the government shareholding to 66.05 percent from 76.05 percent.

Hindustan Copper plans to raise Rs 2,400 crore via debt and about Rs 2,000 crore via internal accruals.

At current stock price, QIP could raise about Rs 900 crore.

First Published:Aug 1, 2018 1:48 PM IST