Goldman Sachs picks up a stake in Himachal Futuristic Communications Ltd (HFCL)

Mauritius-based Goldman Sachs Investments has said that they are acquiring a stake in the Indian telecom company Himachal Futuristic Communications Ltd (HFCL).

Goldman Sachs has acquired a 5.39 per cent stake in the company. This deal saw them purchasing as many as 1.88 crore shares of Himachal Futuristic through open market purchases.

HFCL has informed the stock market about this transaction. They also added the final tranche amounting to $10 million of HFCL’s $43 million FCCB offering has been allotted on April 10. They had allotted the earlier tranche of $33 million on March 7.

The news of this investment seemed to have helped the company perform better in the stock market as shares were up by 2.71 per cent at the BSE.