Essar Group’s IT subsidiary, Black Box, announced on Friday that its board has authorized a plan to fund up to Rs 410 crore through a preferential offer.
The newly acquired funds will be allocated to many strategic domains, including data centers, network infrastructure, research and development, and market expansion.
The fundraising strategy comprises Rs 200 crore from the company’s current promoters, Rs 200 crore from renowned investors, including overseas institutional investors, and Rs 10 crore from the company’s top management staff, as said in a press release.
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The company’s board, during a meeting, authorized the sale of 98,32,123 fully convertible warrants at a price of Rs 417 per warrant. The warrants will be issued in one or more installments, with a total value of Rs 410 crore.
Black Box, a company registered on the Indian stock exchanges, operates in 35 countries, with its primary source of business being the United States.
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