HFCL raises $33 million through the issue of foreign currency convertible bonds

Telecom equipment manufacturer HFCL has raised $33 million, including a greenshoe option, through the issue of foreign currency convertible bonds (FCCBs). The first tranche closed on February 6, 2006 and the company received subscription for 330 bonds of $100,000 each. The second tranche of $10 million will be closed shortly. The bonds will be listed on the Luxembourg Stock Exchange. Reportedly, global FIIs including Indus Capital, Kelusa Capital and Tracer Capital have picked up HFCL’s convertible bonds, apart from other international funds. This will result in 17 per cent of HFCL equity being owned by FIIs.