Aksh Optifibre to raise $333 mn for biz expansion

Optical fibre maker Aksh Optifibre today said it will raise $333 million (about Rs 1,485 crore) from domestic and international market through issuing bonds for expanding the business and other requirements.

The shareholders of the company at its Extra Ordinary General Meeting (EGM) have duly approved to raise $333 million through foreign currency convertible bonds, American depository receipts and global depository receipts or through qualified institutional placement basis, Aksh Optifibre said in a filing to the Bombay Stock Exchange (BSE).

The company diversified into the manufacture of Optic Fibre Cables. Currently Aksh has an in-house capacity to manufacture 150,000 fkm. This has been increased by 6,50,000 fkm by commissioning the first tower under the old project.

Shares of Aksh Optifibre today closed at Rs 23.20 on the BSE, up 4.27 per cent from the previous close.