XL Telecom & Energy, an India-based telecom products manufacturer, said that it raised Rs230m (US$5m) by issuing 2,30,67,666 [sic] cumulative redeemable preference shares of Rs10 (US$0.22) each to banks.
Also in the Mumbai Stock Exchange announcement,…
XL Telecom & Energy, an India-based telecom products manufacturer, said that it raised Rs230m (US$5m) by issuing 2,30,67,666 [sic] cumulative redeemable preference shares of Rs10 (US$0.22) each to banks.
Also in the Mumbai Stock Exchange announcement, the company’s board of directors said it allotted 18,65,156 [sic] equity shares of Rs10 each at a rate of Rs150 (US$3) per share to Goldman Sachs Investments (Mauritius) on conversion of 7.50 million [sic] foreign currency convertible bonds (FCCB). Goldman Sachs now owns 1,856,156 equity shares in XL Telecom, representing 8.238% of the company, XL told TelecomFinance in an email.
In the email, the company also explained that the allotment was “not a fresh offering. It is merely a conversion of bonds to equity – bonds were raised in 2007.”
It was reported in September 2007 that the company was planning to raise US$40m through FCCBs to finance its expansion
The company did not comment further on the share issue and bond conversion.
