Mumbai: Infrastructure developer Hindustan Construction Company (HCC) Thursday raised 497.6 crore through a rights issue.

The issue was oversubscribed with HCC getting applications worth 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 151.30 crore from 101.55 crore while the promoters’ shareholding will increase to 33.12% from 27.80% 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.

This story has been published from a wire agency feed without modifications to the text.