Himachal Futuristic to raise $75mn via FCCBs

The board of directors of Himachal Futuristic Communications (HFCL), which met today, approved a proposal to raise up to $75 million by issuing global depository receipts (GDRs)/euro bonds/foreign currency convertible bonds (FCCBs).

This was announced in a release issued by the company to the BSE today.

The meeting also approved a proposal to issue up to six crore warrants to the promoters and their associates at Rs 23 per warrant, the release said.

An extra-ordinary general meeting (EGM) will be held on September 9, 2005 to obtain shareholders' approval for the issues, the release added.