HFCL Board Approves Warrants Issuance and Fund Raising up to Rs 650 cr

During the meeting of September 02, 2022

The HFCL Board of Directors, at its meeting on September 2, 2022, approved the following:

1. Issuance of up to one crore warrants convertible into 1,00,000,000 shares at a price of Rs. 80/- per capital share aggregating Rs. 80 crores to any of the promoters.

2. Issuance of up to 41,00,000 warrants convertible into 41,00,000 shares at a price of Rs.80/- per share aggregating to Rs.32.80 crore to persons belonging to the category of non-promoters being part of the ‘management team.

3. Raising of funds up to Rs.650 crore by way of private placement or preferential issue or public issue or rights issue or placement in qualified institutions or by any other permitted mode and/or combination thereof, including by way of issuance of shares/preferred shares/bonds/debentures/non-convertible debt securities/any other securities, subject to shareholder approval at the annual general meeting which follows and other regulatory/governmental authorities, as required.

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