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HCL Infosystems on Tuesday said its board has approved a plan to raise up to Rs 500 crore from its existing shareholders.
The company in a filing to BSE said that its board in a meeting held on Tuesday approved the recommendations of its capital raising committee to go for a rights issue of shares to existing shareholders "as a mode of raising equity capital aggregating up to Rs 500 crore".
The company had said in July that it was in discussions with the US-based tech giant to distribute Apple products in India.
It had signed a non-disclosure agreement with Apple India on December 23, 2016 and had expressed interest in taking up distribution of Apple products in India.
It is a strong player in the distribution space and has worked with brands like Lenovo, Motorola and Nokia among others.
A partnership with HCL will also be beneficial to Apple as it will enhance its presence in more Indian cities.
Currently, Apple has distribution tie-ups with companies like Ingram Micro, Redington, Rashi Peripherals and Beetel Teletech in India.
Shares of HCL Infosystems were trading 4.79 per cent higher at Rs 49.25 on BSE.