Telecom gear manufacturer HFCL raises Rs 600 crore through QIP issue

Telecom gear maker HFCL Limited (HFCL), has raised Rs 600 crore through a QIP issue. The QIP has shown an overwhelming response from institutional investors like Reliance Ventures, Quant Mutual Fund, IIFL Wealth, Elara India, Discovery, Segantii, Millennium amongst others who participated in the fund raise programme of the company.

The QIP proceeds shall be predominantly utilised towards funding of capital expenditure requirements for setting up of new manufacturing facilities, capacity expansions and expenditure on R&D and product development.

The company is one of the eligible players which has received permission under the production linked incentive scheme for telecom products. Apart from