Himachal Futuristic mulls overseas issue

MUMBAI: Telecom equipment maker Himachal Futuristic Communications Ltd. plans

to seek shareholders’ approval for an international securities issue up to

$100 million, it said in a notice to the Bombay Stock Exchange.

The firm said it would also include another enabling resolution for the next

annual shareholders meeting for a private placement of up to 30 million shares

or warrants in the domestic market. Himachal said the choice between the

domestic and international offering and other details of price and timing would

be decided by its board after obtaining shareholders’ approval.

It said the board approved on Thursday a decision to seek shareholders

approval to issue up to 10 million warrants convertible into equivalent equity

shares to its founders, directors and others at a price of Rs 92 per share.

Himachal's shares were up 2.77 per cent at Rs 115.95 early on Friday at the

Bombay Stock Exchange, while the benchmark exchange index was up 0.74 per cent.