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

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.