The leading manufacturing company telecom products and solar photo-voltaic cells, XL Telecom & Energy has announced that it is going to raise funds over Rs. 400 crore. The company has decided to issue securities of the same amount to investors.

XL Telecom & Energy has said in a filing to the Bombay Stock Exchange (BSE) that the board of directors has also approved the proposal.

In the last board meeting, the directors have unanimously decided to raise $100 million by issue of shares or foreign currency convertible bonds or American Depository Receipts or Global Depository Receipts from global markets. The company will also allot shares to banks and financial institutions under its corporate debt restructure plan.

Apart from that, 50 lakh will be allotted towards warrants to promoters and promoters group companies. Mr. Dinesh Kumar and Mr. V Visweswara Rao have been appointed as the Managing Director and Director, Finance respectively.

The board has decided to have a share holders meeting on 26th of May. XL Telecom & Energy was trading at Rs 37 on the Bombay Stock Exchange and has gone up by 9.96% from previous close after the announcement.