ALSO READHCL Infosystems to distribute iPhone, other Apple products in India HCL Infosystems shares surge 19% on talks to sell Apple products HCL Info gains 9.5% on plan to distribute Apple products HCL Infosystems up 17% post distribution agreement with Apple India Apple market cap could reach $900 bn as it launches $1,000 iPhone this year
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".
Last week, HCL Infosystems said it will distribute Apple products, including the iconic iPhone, in the Indian market.
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.