Hindustan Construction Company (HCC) has informed that its board has approved raising Rs 100 crore, by issue of non-convertible debentures to Life Insurance Corp of India.

The Mumbai-based firm has reported a 12 percent fall in its net profit for first quarter ended June 2008. The decline in profit has been attributed to higher input costs and pressure on the margins.

During the quarter, the profit of the company declined to Rs 30.84 crore from Rs 34.98 crore in the same quarter, previous year. Total income of the company rose to Rs 878.33 crore for the quarter ended June 30, 2008, from Rs 760.80 crore for the previous year.