HFCL board approves plan to raise Rs 750 crore

New Delhi: Domestic telecom gear maker HFCL on Friday said it has received its board’s consent to raise up to Rs 750 crore through equity, bonds, debentures or any other securities after approval from shareholders and relevant authorities. HFCL is one of the applicants for the production linked incentive scheme, where the government is offering up to 20 times higher incentives based on investment and incremental production criteria.

“The Board of the directors of the company has, at its meeting held today, inter-alia, considered and approved…fundraising up to Rs 750 crore, by way of private placement or preferential issue of public issue or rights issue or qualified institutional placement or through any other permissible mode,” the company said in a stock exchange filing.