Hindustan Construction to move awards, claims to BlackRock-led investors

  • 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.

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