Board Nod for HCL Infosystems to Raise Rs 500 Cr from Shareholders | CORPORATE ETHOS

Board Nod for HCL Infosystems to Raise Rs 500 Cr from Shareholders

By: | August 29, 2017
HCL

Aug 29: Technology major HCL Infosystems has received the approval of its board to raise up to Rs 500 crore from existing shareholders. The company has said that its board has given the nod for a plan to raise the funds.

A BSE filing made by the comoany elaborated that its board at a meeting held today approved the recommendations of its capital raising committee for a rights issue of shares to existing shareholders as a mode of raising equity capital aggregating up to Rs 500 crore, said a report.

The company has been in the news of late for its deal with smart devices behemoth Apple for distributing its products, including the iPhone, in India. Reports said that HCL Infosystems had on December 23 last year, inked a non-disclosure pact with Apple India, and had been keen on distributing Apple products in the country.

The truck with HCL is also expected to be advantageous to Apple too in such a way that the Apple products would make their way into almost all Indian cities.