IOL Netcom receive approval to raise Rs 1250 crore

Submitted by Ketan Sharma on Mon, 11/09/2009 - 19:24

IOL Netcom, one of the fastest growing Next Generation Networks (NGN) company, has informed that its board has approved to raise Rs 1250 crore by various funds raising options.

The company stated in a communiqué that its board of directors has approved to raise an amount totaling to Rs 1250 crore by various fund raising methods including issuing foreign currency convertible bonds, private placement of shares.

Mumbai-based firm would raise Rs 450 crore by issuing foreign currency convertible bonds, Rs 200 crore by private placement of shares with qualified institutional buyers, Rs 300 crore by way of ADR and GDR and Rs 300 crore by way of allotting non-convertible debentures.

The stock of the company closed today at Rs 28 on BSE, up 2 per cent compared to its previous close. The stock had hit a 52-week high of Rs 58 on 8 June 2009 and a 52-week low of Rs 23.30 on 13 July 2009.


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