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.