XL Telecom to raise $100 mn

XL Telecom & Energy, which is engaged in manufacturing telecom products and solar photo-voltaic cells, today said it will raise funds to the tune of $100 million (about Rs 445 crore) by issue of securities.

The board of directors of the company, at its meeting held yesterday, have approved to raise $100 million by issue of shares or foreign currency convertible bonds or American Depository Receipts or Global Depository Receipts from global markets, XL Telecom & Energy said in a filing to the Bombay Stock Exchange (BSE).

Besides, the company would also raise Rs 100 crore by allotting shares to banks and financial institutions under its corporate debt restructure plan, the filing added.

The board has also approved to allot 50 lakh warrants to promoters and promoters group companies.
    
Further, the board has re-appointed Dinesh Kumar as managing director and V Visweswara Rao as director (Finance).
    
The meeting of the shareholders would be held on May 26, to approve the aforesaid proposals.
    
Shares of XL Telecom & Energy were trading at Rs 37 on the BSE, up 9.96 per cent from previous close.