Home / BUSINESS / HFCL gains on getting nod to acquire 50.10% stake in DragonWave HFCL

HFCL gains on getting nod to acquire 50.10% stake in DragonWave HFCL

Himachal Futuristic Communications (HFCL) is currently trading at Rs. 18.90, up by 0.15 points or 0.80% from its previous closing of Rs. 18.75 on the BSE.

The scrip opened at Rs. 19.90 and has touched a high and low of Rs. 19.90 and Rs. 18.80 respectively. So far 37141 shares were traded on the counter.

The BSE group ‘A’ stock of face value Rs. 1 has touched a 52 week high of Rs. 25.30 on 13-Mar-2019 and a 52 week low of Rs. 16.75 on 10-Oct-2019.

Last one week high and low of the scrip stood at Rs. 19.90 and Rs. 17.00 respectively. The current market cap of the company is Rs. 2408.21 crore.

The promoters holding in the company stood at 38.13%, while Institutions and Non-Institutions held 6.76% and 55.12% respectively.

Himachal Futuristic Communications (HFCL) has received approval for acquisition of 50.10% of the equity shares in DragonWave HFCL India (DHIPL), a joint venture company, from DragonWave, Singapore, JV Party, at a total consideration of Rs 2.80 crore.

The Company had entered into a Joint Venture Agreement with Dragon Wave Inc., Canada dated October 18, 2010. The Board of Directors of the Company at its meeting held on October 21, 2019 has approved the same.

HFCL is one of India’s largest telecom network turnkey implementation companies, with wide and deep capabilities and domain expertise in rolling out advanced telecom networks.

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