Financial Daily from THE HINDU group of publications
Saturday, May 21, 2005
Financial Daily from THE HINDU group of publications Saturday, May 21, 2005 |
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Info-Tech
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Venture Capital Sasken gets $22-m funding, files draft prospectus for IPO Vishwanath Kulkarni
Bangalore , May 20 NEW Enterprise Associates (NEA), US-based venture capital firm, has invested $9 million in the Bangalore-based Sasken Communication Technologies Ltd. With this latest funding, Sasken had raised a total of $22 million in the recent past. Nortel Networks and Nokia Growth Partners, the VC arm of mobile handset major Nokia, invested $10 million and $3 million respectively in the past few months. Nortel Networks and Nokia are among the key customers of Sasken, which operates in the pure play telecom research and development space. For both NEA and Nokia Growth Partners, Sasken was their first investment in India. Sources at Sasken said the company has issued fresh shares to NEA. Intel Capital is the other investor in Sasken in which the promoters hold over 50 per cent stake. Public issue: Meanwhile, Sasken has filed the draft Red Herring prospectus with the Securities and Exchange Board of India for its maiden public issue. The company plans to offer some 50 lakh shares of Rs 10 each for cash through the book-building process. About 45 lakh shares will be offered to the public through the book-building process, while some five lakh shares will be earmarked for the Sasken employees, company sources said. The issue price would be decided later. Emam Financial Consultants Private Ltd is the Sole Book Running Lead Manager to the issue. Sasken plans to use the proceeds from the IPO and the recently raised funds to meet its working capital requirements, fund expansion plans and pursue mergers and acquisitions. The issue size is likely to be Rs 100-150 crore, market sources said.
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