Goldman buys 5% stake in Himachal

Goldman Sachs Investments Mauritius has acquired 1,88,87,500 shares of  Himachal Futuristic Communications (HFCL) amounting to 5.39% of issued and outstanding share capital of the company.

According to a release issued by Himachal to the BSE today, the acquisition has been done through open market purchases as per communication received from the buyer.

The second and final tranche of FCCBs, amounting to $10 million (100 FCCBs of $1,00,000 each) of the company's $43 million FCCB Offering, has been allotted on April 10, 2006. The offering opened on April 5, and closed on April 7, 2006 in London.

"The first tranche of $33 million was allotted on March 7, 2006. This completes the company's FCCB fund raising programme aggregating to $43 million," the release added.