HFCL Raises $33 Million, To Expand Broadband And Wireless Communications Business

Televisionpoint: Three investors – Indus Capital, Kelusa Capital and Tracer Capital – have invested close to $33 million in Himachal Futuristic Communications Ltd (HFCL) by subscribing to foriegn currency convertible bond issue. Recently, a US-based $18-billion fund, Emerging Markets Management, had picked up a 5 per cent stake in the company from the open market.
Now FIIs hold 27 per cent (after FCCB conversion) compared to nil about a month ago. Funds raised will be used in expansion of existing product lines and also for new products in the field of broadband and wireless communications.

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