HCL Infosystems board approves plan to raise Rs 500 crore from existing shareholders

HCL Infosystems today said its board has approved a plan to raise up to Rs 500 crore from its existing shareholders. The company in a filing to BSE said that its board in a meeting held today approved the recommendations of its capital raising committee to go for a rights issue of shares to existing shareholders “as a mode of raising equity capital aggregating up to Rs 500 crore”.

Last week, HCL Infosystems said it will distribute Apple products , including the iconic iPhone, in the Indian market. The company had said in July that it was in discussions with the US-based tech giant to distribute Apple products in India.

It had signed a non-disclosure agreement with Apple India on December 23, 2016 and had expressed interest in taking up distribution of Apple products in India. It is a strong player in the distribution space and has worked with brands like Lenovo, Motorola and Nokia among others.

A partnership with HCL will also be beneficial to Apple as it will enhance its presence in more Indian cities. Currently, Apple has distribution tie-ups with companies like Ingram Micro, Redington, Rashi Peripherals and Beetel Teletech in India. Shares of HCL Infosystems were trading 4.79 per cent higher at Rs 49.25 on BSE.