HFCL Raises Rs 600 Cr Via QIP; RIL Picks Up stake | Mahendra Nahata HD

HFCL has raised Rs 600 cr via QIP. The company has allotted 8.72 cr shares at Rs 68 apiece. The funds raised will be used for expansion, said Mahendra Nahata, MD, HFCL in an interview with ETNOW. Reliance Industries has picked up stake in the QIP and now owns a 4.98% stake in HFCL, he informed. Nahata expects big capex cycle to emerge from telcos. Fibre expansion, Bharatnet, 5G rollout will lead to large capex, he said. The company is investing in R&D to develop products and plan to increase product contribution to 70% in 3 years. Nahata believes defense electronics offers a great opportunity and it should start contributing from FY23. Watch. Subscribe To ET Now For Latest Updates On Stocks, Business, Trading | ► https://goo.gl/SEjvK3 Subscribe Now To Our Network Channels :- Times Now : http://goo.gl/U9ibPb The NewsHour Debate : http://goo.gl/LfNgFF To Stay Updated Download the Times Now App :- Android Google Play : https://goo.gl/zJhWjC Apple App Store : https://goo.gl/d7QBQZ Social Media Links :- Twitter - http://goo.gl/hA0vDt Facebook - http://goo.gl/5Lr4mC G+ - http://goo.gl/hYxrmj Website - www.etnownews.com