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Paul Noronha

Mr Inder Sharma (left), Managing Director, Nutek India Ltd with Mr Vineet Sirpaul, Director, at a press conference to announce the company’s IPO in Mumbai on Wednesday. —

Our Bureau

Mumbai, July 23 Nu Tek India Ltd, a telecom infrastructure services provider offering infrastructure roll-out solutions to wireless and wire line telecommunications networks, announced its foray into the capital market with an initial public offering of 45-lakh equity shares of Rs 10 each.

The offer will open on July 29 and will close on August 1 and the price band has been fixed between Rs 170 and Rs 192.

The shares of the company will be listed on both the NSE and BSE.

The company plans to raise between Rs 85 crore and Rs 90 crore.

The issue will comprise a fresh issue of 35-lakh equity shares and an offer for sale of 10-lakh equity shares. The issue will constitute 26.07 per cent of the fully diluted post-issue paid up capital equity share capital of the company.

The company intends to use the proceeds from the issue to meet the cost of capital expenditure, overseas acquisitions and augmenting the long-term working capital requirements.

The company has set up its subsidiary in Turkey and have a contract with Ericsson AB, Dubai, to provide services to their operations in the West Asia.

“Part of the proceeds would be used for acquisition. The company has identified three targets for acquisition, among which the company is most keen on a US-based company with significant presence in emerging markets. Deal flow from Turkey is already visible, but its true impact is likely to kick-in later this year,” said Mr Inder Sharma, Managing Director, Nu Tek India Ltd.

The company plans to use the proceeds from the IPO for both its organic and inorganic growth. The book running lead managers to the issue are SPA Merchant Bankers and India Infoline Ltd.

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