HFCL Limited, a leading manufacturer of optical fiber cable (OFC), power electronics and more, said that it is ready to capitalise on the opportunities in India and abroad that the 5G network rollout will bring. Because of the 5G network rollout, there will be a huge increase in the deployment of OFC. Further, the increasing adoption of FTTH services and emphasis on rural broadband penetration will bring several opportunities for HFCL to showcase what it can do.
The firm's board approved fundraising of Rs 650 crore on Friday. In a listing on stock exchanges, HFCL said that its board has approved raising of Rs 650 crore by the way of private placement or preferential issue or public issue or rights issue or debt instruments or more. The fundraising is subject to the approval of shareholders in the annual general meeting (AGM) and other relevant authorities.
HFCL said that it would utilise the proceeds from the fundraising towards enhancing the R&D facilities and setting up of new production facilities taking advantage of the Production Linked Incentive (PLI) scheme and Design Led Incentive (DLI) scheme. In addition to this, HFCL announced that the company's 35th AGM is scheduled for September 30, 2022. Most likely, the fundraising should be approved by the shareholders of the company.