Indus Capital to have 10% stake

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.

(This article was published in the Business Line print edition dated March 9, 2006)
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