HCL Infosystems plans to raise Rs825 cr for fueling growth

HCL Infosystems plans to raise Rs825 cr for fueling growth
PTI
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First Published: Mon, Aug 17 2009. 04 37 PM IST
Updated: Mon, Aug 17 2009. 04 37 PM IST
New Delhi: Technology firm HCL Infosystems on Monday said that it plans to raise about Rs825 crore through issue of warrants and private placement of shares with institutional buyers to fuel its long-term growth plans.
The company board has approved issue of convertible warrants up to Rs325 crore to promoters, HCL Infosystem said in a statement.
In addition, the company plans to raise Rs500 crore by qualified institutional placement (QIP).
The company expects to get approval of the shareholders in an extra ordinary general meeting, the statement added.
HCL Infosystems chief finance officer Sandeep Kanwar said: “We intend to raise funds to augment our long-term resources for future growth, including investing in expansion of our existing and new businesses, development of infrastructure and possible acquisitions in India or abroad.”
“However, that the company has not identified or entered into an agreement for any acquisition for which it intend to raise such funds,” he said.
Shares of HCL Infosystems were quoted at Rs126.25 on BSE in late afternoon trade, down by 4.72% over the previous close.
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First Published: Mon, Aug 17 2009. 04 37 PM IST