Exicom Tele-Systems to raise up to Rs 260 crore via Rights Issue
The board approved raising up to ₹260 crore through a rights issue of equity shares. The issue will be offered to existing shareholders, with the final terms—such as price, entitlement ratio, record date, and payment structure—to be decided by a newly formed Rights Issue Committee comprising three directors.
In a parallel move, the company also approved converting an outstanding unsecured loan of approximately ₹283.20 crore, including interest, into equity shares in its wholly owned subsidiary, Exicom Power Solutions B.V., based in the Netherlands. This conversion is intended to ease interest-related cash outflows and improve the liquidity and working capital position of the subsidiary, which operates in the electric vehicles sector.
The transaction will be carried out in tranches, subject to regulatory approvals under the Foreign Exchange Management Act. The shares in the Dutch entity will be issued at a par value of €1 per share. No fresh cash outflow is involved as the move reflects a reclassification of existing financial exposure from debt to equity.
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Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at BusinessUpturn.com
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