Hindustan Copper Ltd. announced on Thursday that it will considering raising funds through a qualified institutional placement (QIP) issue.

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The state-owned company informed the exchanges that its board of directors would meet on May 19 to consider raising funds by issue of equity shares through the QIP mode to the extent of 97 million equity shares of face value of Rs 5 each in one or more tranches.

The board would also seek approval to offer, issue and allot secured or unsecured non-convertible debentures (NCDs) or bonds worth Rs 500 crore on a private placement basis.

Besides that, Hindustan Copper Ltd. will also announce its financial results for the quarter and year ended March 2023 on May 19, and would also consider the proposal to declare dividend.

To recall, in September 2022, shareholders of Hindustan Copper had approved a dividend of Rs 1.16 per share, resulting in a total dividend payout of Rs 112.17 crore for financial year 2022. The government holds a 66.14 percent stake in Hindustan Copper.

Later, the company had announced in October 2022 that it had paid a dividend of Rs 74.20 crore to the government of India for 202I-22, being 30.01 percent of profit after tax (PAT) in compliance with DIPAM (Department of Investment and Public Asset Management) guidelines.

Hindustan Copper is a public sector undertaking of the Ministry of Mines. It is the country’s only vertically-integrated copper producer, engaged in manufacturing copper right from the stage of mining to beneficiation, smelting, refining and casting of refined metal into downstream saleable products.

Shares of Hindustan Copper ended at Rs 104.90, down 0.76 percent.