New Delhi, December 9: The board of Himachal Futuristic Communications Ltd has approved fresh issue of up to 15 million equity shares to foreign funds/companies on a private placement basis. The company board has called for an extraordinary general meeting on January 5, 2000 to obtain clearance from its shareholders.Sources said that though the shareholders' nod is being sought for up to 15 million (1.5 crore) fresh equity shares, which comes to 23 per cent of the current equity of Rs 64.65 crore, the company is unlikely to go in for the 15 million shares in one go.
The company's requirement of funds in the near future is expected to be around Rs 350-450 crore. Assuming an issue price of Rs 550-600 (the placement will be done at a premium over the current market price of around Rs 480), the company is expected to go in for a placement of close to 7.5 million (75 lakh shares), which is about 11.5 per cent of the current equity base. The fund infusion through private placement would boost the existing reserves by over Rs 400 crore to around Rs 750 crore.
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