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HCL Infosystems to raise $171 Million for future growth
By siliconindia
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Monday, 17 August 2009, 22:43 IST |
15 Comments
Bangalore: In order to fuel the future growth of the company, HCL Infosystems, an ICT system integration company has announced that its board has approved to raise additional funds to the tune of $171 million (
825 crore). The funds will be raised through equity shares or equity linked securities and Convertible Warrants.
The funds to be raised from issuing Convertible Warrants will not exceed $67 million ( 325 crore), including premium to promoters. In addition, equity shares or equity linked securities or a combination of both will be issued in the domestic or international offerings or Qualified Institutional Placements (QIP) for a value of up to $104 million ( 500 crore) including premium.
"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, currently we have not identified or entered into an agreement for any acquisition for which we intend to raise such funds," said Sandeep Kanwar, Chief Finance Officer, HCL Infosystems.
Over the past few years, the company has focused on transforming itself from being a product centric company to a system integration and services firm. Over last one year the company has announced plans to enter into a number of business verticals including 14 System integration domains, software product development and Pan India services infrastructure among others.
825 crore). The funds will be raised through equity shares or equity linked securities and Convertible Warrants.
The funds to be raised from issuing Convertible Warrants will not exceed $67 million ( 325 crore), including premium to promoters. In addition, equity shares or equity linked securities or a combination of both will be issued in the domestic or international offerings or Qualified Institutional Placements (QIP) for a value of up to $104 million ( 500 crore) including premium.
"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, currently we have not identified or entered into an agreement for any acquisition for which we intend to raise such funds," said Sandeep Kanwar, Chief Finance Officer, HCL Infosystems.
Over the past few years, the company has focused on transforming itself from being a product centric company to a system integration and services firm. Over last one year the company has announced plans to enter into a number of business verticals including 14 System integration domains, software product development and Pan India services infrastructure among others.