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Thursday, Mar 09, 2006


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Info-Tech - Overseas Borrowings

HFCL raises $33 million thru FCCBs

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Indus Capital to have 10% stake

New Delhi , March 8

Global institutional investors, Indus Capital, Kelusa Capital and Tracer Capital have picked up the convertible bonds of Himachal Futuristics Communications Ltd for $33 million. Indus Capital will end-up having a stake of around 10 per cent in HFCL when the FCCBs get converted.

A second tranche of $10 million is being closed shortly by HFCL, making total fund raising to $43 million. The bonds will be listed on the Luxembourg Stock Exchange, a press release said.

Mr Mahendra Nahata, Managing Director of HFCL, said: "We are extremely enthused at this vote of confidence shown by the international institutional investors in HFCL's ongoing turnaround story. Over the past 2 years, we have completely streamlined and restructured all aspects of HFCL's business and corporate governance."HFCL at present does business with major telecom services companies such as BSNL, MTNL and Reliance Infocomm.

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