labels: telecom, himachal futuristic communications
Himachal Futuristic raises Rs 243 cr via GDR news
Pradeep Rane
05 September 2002
Mumbai: Himachal Futuristic Communications Ltd (HFCL) has raised Rs 242.6 crore through a global depository receipt (GDR) issue to Deutsche Bank Trust Company Americas.

The company issued 6,799,945 GDRs representing 54,399,560 underlying equity shares of Rs 10 each at a premium of Rs 34.608 per share aggregating to Rs 2426.60 million.

Recently it was announced that HFCL is making a private placement of equity shares, warrants or any other financial instrument convertible into equity shares not exceeding 3 crore shares. The company held an extraordinary general meeting to consider the private placement.

HFCL has also decided to make overseas offer of up to $100 million. It has also decided to issue convertible warrants up to 20 million to promoters, promoters' groups, directors, their associates and relatives on a preferential basis. The warrants will be convertible into 20-million equity shares on a one-to-one basis, HFCL said in a notice to the Bombay Stock Exchange.

The company had recorded a 49-per cent fall in net profit for the first quarter ended June 2002 at Rs 10.3 crore. During the period in reference, HFCL's turnover, however, increased to Rs 222.7 crore as against Rs 171.7 crore in the same period last year, registering a 29-per cent growth.

HFCL is planning to shut down some of its non-core activities. The company's move is in line with a plan to streamline its software business, which was to be carried out through HFCL Cofutures, a group company.

The company is focusing on core business of telecom equipment and transmission. HFCL Cofutures earlier planned to develop software for the banking and financial sector, but the company will now focus only on telecom software.


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Himachal Futuristic raises Rs 243 cr via GDR