New Delhi, July 30 (IANS) Private sector Hindustan Construction Company (HCC) Friday announced that its subsidiary, Lavasa Corporation, will be entering the capital markets with an initial public offering (IPO) of Rs.2,000 crore.
‘Lavasa IPO will unlock its true value, thereby enabling HCC to be one step closer in realizing its vision. This bonus is the show of gratitude to our shareholders who have shared this journey with HCC,’ said Ajit Gulabchand, chief executive, HCC.
The company reported a 55 percent increase in net profit at Rs.28.31 crore in the first quarter of 2010-11 as against Rs.18.19 crore in the like period of 2009-10.
The company’s turnover also increased five percent to Rs.1,008.22 crore as against Rs.964.09 crore in the corresponding period of the previous year.
The company has decided to offer 1:1 bonus shares to its shareholders.
HCC also reported that it had bagged four contracts worth Rs.1,950 crore and its order book grew by 25 percent in the current fiscal at Rs.19,346 crore.