India, May 4 -- Avantel Limited , a provider of technology solutions to the defence and communications sectors, today announced that its Board of Directors has approved a rights issue to raise Rs 80.90 crore.

The proceeds will be used to fund capital expenditure for new manufacturing facilities in Andhra Pradesh and Telangana, focused on electronics, antennas, and Ground Station-as-a-Service (GSaaS) infrastructure, as well as for general corporate purposes.

Under the approved structure, the company will issue 2,02,26,100 fully paid-up equity shares with a face value of Rs 2 each, at a price of Rs 40 per share (including a premium of Rs38). Eligible shareholders will be entitled to receive 10 equity shares for every 121 shares held as of...