Hindustan Construction to move awards, claims to BlackRock-led investors1 min read . Updated: 26 Mar 2019, 03:24 PM IST
- The deal will result in a partial write-down of HCC's net worth
- HCC shares surged 10% to ₹15.75 in late trade
Hindustan Construction Company Ltd said on Tuesday it would transfer the rights in a portfolio of its awards and claims to a consortium of investors led by BlackRock Inc for ₹17.50 billion ($254.19 million).
The deal will result in a partial write-down of the company's net worth as on March 31, and a part of the consideration will be used to prepay debts worth ₹12.50 billion , the company said in a statement. HCC shares surged 10% to ₹15.75 in late trade.