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Arcil Sells Part Of Himachal Futuristic Stake

15 June, 2010

Asset Reconstruction Company (Arcil) has sold over a third of its holding in Himachal Futuristic (HFCL) within months of picking 4.3% stake in the telecom solutions firm. Arcil sold around 7.5 million shares through open market sales on Monday at a price of Rs 11.95 a piece encashing around Rs 8.9 crore or a little less than $2 million.

ICICI Bank had lent around Rs 200 crore to HFCL way back in 2001 and in 2005 transferred the rights related to the term loan to Arcil as a part of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

Arcil was allotted 20 million shares early this year at par or Rs 10 a piece. It is not clear at what terms did ICICI Bank transfer the loan rights to Arcil.

Promoted by the Nahatas (who now own just around 2% stake), HFCL’s shareholding is largely under high networth individuals and brokers besides retail shareholders.

HFCL had once revenues of over Rs 1,000 crore and was a profitable company at the turn of the century. However, it has been into losses over the last 5-6 years.


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Arcil Sells Part Of Himachal Futuristic Stake

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