Hindusthan Urban Infrastructure has raised funds worth Rs 95,18,97,000. The Board of Directors of the Company in their Meeting held on December 12, 2018, has issued and allotted 9,51,89,700, 1% Redeemable Non-Cumulative Non-Convertible Preference Shares (NCPS) of Rs 10 each at par to Hindusthan Engineering & Industries (HEIL) aggregating to Rs 95,18,97,000 on private placement basis.
NCPS shall carry 1% dividend and redeemable at the end of 20 years from the date of issue and shall be redeemed at par of Rs 10 per NCPS. The said NCPS are not proposed to be listed on stock exchange.
Hindusthan Urban Infrastructure, together with its subsidiaries, manufactures and sells overhead conductors and electro-porcelain high tension (HT) insulators in India and internationally.