Hindustan Construction Company Ltd's shares soared nearly 20 percent to hit an upper circuit of Rs 13.24 in trade on Monday.

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The smallcap shares of the Mumbai-based construction company have outperformed the sector by nearly 19 percent, rising the most since August 20.

The shares of HCC gained after two days of consecutive fall likely on reports of the company raising Rs 497.6 crore through a rights issue.

The issue was oversubscribed with HCC getting applications worth Rs 551.38 crore for sale through which it would issue up to 49.75 crore equity shares, the company said in a statement.

With this, the paid-up equity capital of the company will go up Rs 151.30 crore from Rs 101.55 crore, while the promoters' shareholding will increase to 33.12 percent from 27.80 percent now.

"We remain firmly on the path of strengthening our financial profile and having completed another milestone with the completion of this rights issue," group chief executive Arjun Dhawan said in the statement.

ICICI Securities was the lead-manager to the issue.

HCC shares traded at Rs 13.21, up by more than 19.5 percent at 3:00 pm. For the year, the stock has lost over 64 percent in its value.

(With inputs from PTI)

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First Published:Dec 31, 2018 3:30 PM IST