IOL Netcom to raise $36 mn via GDRs: Official

MUMBAI: Broadband services provider IOL Netcom Ltd will raise about $36 million through the issue of Global Depositary Receipts to fund its expansion plans, a top official said on Friday.

"We want to close it by the end of September," Siddarth Shrivastava, president, told Reuters. The company is also raising about 720 million rupees through the issue of 6 million preferential warrants to specific investors, entitling them to apply for an equivalent number of equity shares.

The company, which has recently signed a franchisee agreement with state-owned Mahanagar Telephone Nigam Ltd, has a fund requirement of $100 million in the next two quarters, Shrivastava said.