Earlier this week, the company had said it was in talks with private equity investors to raise between $8.94 million and $11.2 million by selling a stake in its infrastructure unit.

"The sale would be through an issue of fresh shares," said Managing Director Shivakumar Reddy at that time.

The Indian telecom products maker owns 51% of unit Kavveri Telecom Infrastructure, while the rest is held by the founding family.