Financial Daily from THE HINDU group of publications
Thursday, Mar 09, 2006
Financial Daily from THE HINDU group of publications Thursday, Mar 09, 2006 |
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Info-Tech
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Overseas Borrowings HFCL raises $33 million thru FCCBs Our Bureau
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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