IOL Netcom gets board nod to raise Rs 1,250 cr

Internet services provider IOL Netcom today said its board has approved to raise Rs 1,250 crore by various funds raising options.

The board of directors at its meeting held on October 31, has approved to raise an amount totalling to Rs 1,250 crore by different fund raising routes including issuing foreign currency convertible bonds, private placement of shares, IOL Netcom said in a filing to the Bombay Stock Exchange.

The company would raise Rs 450 crore by issuing foreign currency convertible bonds, Rs 200 crore by private placement of shares with qualified institutional buyers, Rs 300 crore by way of American depository receipts and Global depository receipts and Rs 300 crore by way of allotting non-convertible debentures, the filing added.

Shares of IOL Netcom closed at Rs 28.40 on the BSE, up 2.16 per cent from its previous close.