Construction and civil engineering firm Hindustan Construction Company (HCC) Ltd has secured a Letter of Intent (LoI) worth Rs 3.03 billion from M/s Lanco Infratech Ltd Gurgaon, for execution of all civil works of power house near Subin Khore for Teesta Hydroelectric Project, Sikkim.

The project is to be finished within 44 months from the date of LoI.

HCC, on April 25, granted 4,687,500 options to the company employees under the employees stock option scheme, each option being convertible into one equity share at a price of Rs 132.50 a share.

The vesting period of the options will be between one to five years from the date of the grant and the exercise period would extend up to four years from the date of vesting.

HCC is an integrated group spanning Construction, Real Estate and Infrastructure development. The group specializes in technically complex, new-age construction in infrastructure projects, as well as EPC, BOT, Integrated projects and townships.

At 1:05 pm, the company’s shares were trading at Rs 132.50, up 2.7% on the Bombay Stock Exchange (BSE).