Hindustan Construction Company (HCC), one of the India's leading infrastructure companies, announced that Lavasa Corporation, a subsidiary company of HCC has received observation letter from Securities and Exchange Board of India (SEBI).

The observation letter is for its proposed Initial Public Offering (IPO) of equity shares for an amount not exceeding Rs 7.5 billion.

Shares of the company declined Rs 1.25, or 3.4%, to trade at Rs 35.50. The total volume of shares traded was 942,957 at the BSE (12.13 p.m., Wednesday).