Wire and Wireless India (WWIL), Essel Group’s cable business, will raise Rs 192 crore through private placement of secured redeemable non-convertible debentures to institutional investors. The company board approved the proposal to raise the amount in a board meeting held on June 5.
The company will issue 1920 secured redeemable non convertible debentures of Rs 10 lakhs each aggregating to Rs 192 crore, the company said in a filling to the Bombay stock exchange (BSE). The debentures will be listed on the Wholesale Debt Market Segment of the National Stock Exchange (NSE).
The company has not disclosed where exactly it plans to utilise the funds that it will raise.
The company has also taken on record the credit rating "AA(SO)" assigned by Credit Analysis & Research Ltd (CARE) for debt issue of up to Rs 200 crores.
The Shares of Wire & Wireless were trading at Rs 25.20, down 4 per cent on the BSE.
WWIL is also expected to soon launch its HITS (headend in the sky) services. The company is one of the only two companies in India to have a license for HITS. The company has been running trials for the service for about 5-6 months now.
Earlier this year, the company had received an FIPB (Foreign Investment Promotion Board) approval for a right issue of Rs 450 crore.