Three FIIs jointly acquire 2.64% stake in telecom equipment maker HFCL

Three foreign institutional investors -- Vanguard, Quant Mutual Fund and Norges -- have collectively acquired 2.64 per cent in telecom gear makers HFCL Ltd.  

While Vanguard bought 1.86 per cent through four entities -- Vanguard Emerging Markets Stock Index Funds, Vanguard Total International Stock Index Fund, Vanguard Fiduciary Trust and Vanguard FTSE All World Small Caps Index -- Quant acquired 0.55 per cent and Norges 0.23 per cent.

The company’s share price closed today at Rs 69.20 on the bourses.

HFCL, an eligible  player in the production-linked incentive scheme for telecom products, had recently informed the stock exchange that it would be raising Rs 750 crore by way of private placement or preferential issue or public issue or qualified institutional placement. It could also resort to any other permissible mode or combination thereof, including by way of issue of equity shares, preference shares , bonds, debentures, non convertible debt instruments among others.