HCL Infosystems plans to raise Rs 825 cr for fueling growth

NEW DELHI: Technology firm HCL Infosystems said it plans to raise about Rs 825 crore through issue of warrants and private placement of shares with institutional buyers to fuel its long-term growth plans.

The company board has approved issue of convertible warrants up to Rs 325 crore to promoters, HCL Infosystem said in a statement.

In addition, the company plans to raise Rs 500 crore by qualified institutional placement (QIP).

The company expects to get approval of the shareholders in an extra ordinary general meeting, the statement added.

HCL Infosystems Chief Finance Officer Sandeep Kanwar said, "We intend to raise funds to augment our long-term resources for future growth, including investing in expansion of our existing and new businesses, development of infrastructure and possible acquisitions in India or abroad."

However, he said that the company has not identified or entered into an agreement for any acquisition for which it intend to raise such funds.

Shares of HCL Infosystems were quoted at Rs 126.25 on BSE in late afternoon trade, down by 4.72 per cent over the previous close.