Essel Group company Wire & Wireless India Ltd today said its board has approved a proposal to raise Rs192 crore through a private placement of secured redeemable non-convertible debentures to institutional investors. In a release to the Bombay Stock Exchange, the company said it will issue 1920 such debentures of Rs10 lakh each. These debentures will also be listed on the Wholesale Debt Market Segment of the National Stock Exchange.

SEE ALSO: WWIL Shares Jump 77%; Company Sources Confirm Talks With Foreign Strategic Investors

A company spokesperson declined to comment on fund utilization.

WWIL is expected to commercially launch its HITS (headend in the sky) service shortly. In January, the Foreign Investment Promotion Board had cleared a rights issue of Rs450 crore by the company. In February, following speculation about a foreign investor buying into the firm, the stock had zoomed 77% intraday. An Essel Group official had also confirmed then that the company was in talks with investors. WWIL also undertook a restructuring exercise early this year, laying off some 600 people and moving its operations to Delhi.

On Monday, the WWIL scrip closed at Rs23.65, down 9.90% from its previous close of Rs26.25. The benchmark Sensex closed 2.9% down at 14,665.92.