The fundraising committee of the company's board of directors decided to raise funds through QIP. The issuance will open on December 6th and end on December 9th, the company said-istock.com/bluebay2014
The fundraising committee of the company's board of directors decided to raise funds through QIP. The issuance will open on December 6th and end on December 9th, the company said-istock.com/bluebay2014
HFCL Limited (HFCL), a manufacturer of telecommunications equipment and fiber optic cable (OFC), said on Tuesday that it has raised Rs 6 billion through a Qualified Institutional Placement (QIP) offering for new manufacturing facilities and capacity expansion.
QIP received responses from institutional investors such as Reliance Ventures, Quant Mutual Fund, IIFL Wealth, Elara India, Discovery, Segantii, Millennium, etc., who participated in the company's fundraising plan.
The company said in a statement: "QIP proceeds will mainly be used to fund capital expenditure requirements for the establishment of new manufacturing facilities, capacity expansion, and R&D and product development expenditures."
Previously, the company’s board of directors passed an authorization resolution on September 3 to raise funds through private placement or priority issuance or public issuance or allotment or QIP or any other permitted method and/or its combination. The meeting held on September 30 The 34th Annual General Meeting of Shareholders also passed the resolution.
Also read: Sensex fell more than 350 points in early trading; beautifully fell below 17,300
The company said that the fundraising committee of the company's board of directors decided to raise funds through QIP. The issuance opened on December 6 and ended on December 9.
At its meeting on December 10, the Fundraising Committee of the Board of Directors approved an issue price of 68.75 rupees per share (including a premium of 67.75 shares) for a total of 6 billion rupees.
The newly allocated shares will start trading on the National Stock Exchange of India Limited and BSE Limited on Tuesday (December 14).
"With the establishment of new factories for manufacturing telecommunications products and the expansion of optical fiber and cable production capacity, as well as the expansion of our Goa and Chennai factories, the recent strengthening of the global leadership team and our new investment in product development, HFCL HFCL Director General Manager Mahendra Nahata said: "We are preparing to take advantage of the upcoming growth opportunities in the decade of digital transformation that we have seen in vertical industries. "
Also read: IPO filter: Metro Brands IPO subscription ends today; 52% subscribed so far
He said that with the expansion of production capacity, the company will reap substantial returns in terms of revenue, market share and profitability.
Nahata added: "The government announced the PLI plan, the creation of the 5G network, the expansion of the BharatNet plan, the rapidly growing fiber-to-the-home segment, and the additional spectrum allocation to telecommunications companies will all expand our spectrum of opportunities."
Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android app or IOS app.
The success of these new airports depends on the ability to attract international traffic
JetSetGo negotiates with VC and PE to raise an additional US$50 million
Covid tip: choose the last seat because "no one is coughing backwards"
Eliminate a forgotten technology that is expected to help produce hydrogen and reduce emissions to net zero by...
You may not be able to hold a long position until the underlying security is close to the short strike price
The following is a brief introduction to the notable changes in the ITR filing process. Read on to learn how to beat...
The price range of MapmyIndia IPO is 1,000-1,033 rupees per share, and the EV/EBITDA valuation is about 94 times
The flow of SME stocks is now increasing. This is a reality check for investors who wish to achieve...
A book that explores how work is the core organizing principle of our society
Gautam Bhatia's second novel "The Horizon" (The Horizon) is his mystery novel "The...
Craig Whitlock's book "Afghanistan Documents" goes beyond rhetoric and delves into everything that went wrong
Entrepreneurship and advertising in Indian history and Ramya Ramamurthy's...
Consumers' reflections on an unusual, challenging, interesting, roller coaster year in the world...
OneRare, an Indian start-up company, is an NFT economic game that is building a food meta-universe, involving food elements,...
A quick review of the brand's performance on Twitter in 2021
A quick look at the development of retail, social media and advertising in 2021
Three years after its establishment, compliance with GST procedures is still a headache for exporters and staff...
The company's corporate social responsibility (CSR) initiatives are changing the outlook for...'s wooden toys
Aequs Aerospace will create space for Koppal's large-scale toy manufacturing
It has a good reason to smile. Covid-19 has triggered consumers to switch to branded products because...