Tanla Solutions to raise Rs 420 crore
Telecom solutions provider, Tanla Solutions is tapping the capital market through an initial public offering to raise upto Rs 420 crore to part finance its expansion plans.
By PTI |
NEW DELHI: Telecom solutions provider, Tanla Solutions is tapping the capital market through an initial public offering to raise upto Rs 420 crore to part finance its expansion plans.
The company will issue 15,885,000 equity shares of Rs 2 each in the price band of Rs 230 to Rs 265 per share.
The issue, which opens on December 11 and closes on December 14, constitutes 28.59 per cent of the fully diluted post issue paid up capital of the company.
The money raised will be used to part finance the company's expansion plans, which include upgradation of existing facilities and acquisitions abroad.
"We would invest around Rs 112 crore in expansion and upgradation of our existing product development centre and a few greenfield projects," Tanla Solutions Director Amit Gupta said here.
He said the company is planning to set up a development centre at an estimated cost of Rs 77.26 crore at Hyderabad, a backup/disaster recovery centre at Bangalore at a cost of Rs 12.78 crore and expansion and upgradation of existing research and product development facilities at Rs 22 crore.
The company would utilise a part of the funds generated through the IPO to fund its acquisition plans.
"We have identified areas like US, Australia and Western Europe for the company's further expansion and are looking at acquiring companies there," Tanla Solutions Director Anoop Roy Kundal said.
The company is already listed on the Hyderabad, Ahmedabad and Madras Stock Exchanges and is likely to get listed on the BSE and NSE on or before January 5 next year.
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