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Telecom equipment maker HFCL raises Rs.600-Cr via QIP issue

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Telecom equipment and optical fiber cables (OFC) maker HFCL Ltd (HFCL) has raised INR 600 crore via qualified institutional placement (QIP) issue. Participants in the QIP include institutional investors like Reliance Ventures, Quant Mutual Fund, IIFL Wealth, Elara India, Discovery, Segantii and Millennium. The QIP proceeds will be used towards the funding of capital expenditure requirements for setting up of new manufacturing facilities, capacity expansions and expenditure on R&D and product development.