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TCIL defers IPO plans to next year

Our Bureau

New Delhi , Nov. 30

TELECOMMUNICATIONS Consultants India Ltd (TCIL) said on Tuesday that it has deferred its plans for an initial public offering for the next financial year. The company had earlier said that it was planning the IPO for the current year.

Mr G.D. Gaiha, Chairman and Managing Director, said, "We are recasting our accounts. Our IPO won't be in this financial year. It is likely to take place in the next financial year."

Mr Gaiha said the company plans to have an IPO to sell fresh equity in the market. The shares will likely be worth 25 per cent of TCIL's existing 288 million equity shares.

The IPO's proceeds will be used for overseas investments such as franchisee agreements to set up fixed and mobile service networks, he said. TCIL mainly undertakes overseas projects in telecom infrastructure.

Meanwhile, the company paid Rs 21.60 crore as dividend to the Government. The dividend cheque was handed over to the Minister of Communications and Information Technology, Mr Dayanidhi Maran, by Mr Gaiha. The dividend amount represents 75 per cent of the Government's share.

During 2003-04, the turnover of the company increased to Rs 544 crore, up from Rs 483 crore in the previous year. The profit after-tax increased to Rs 47 crore (Rs 40 crore).

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