ESCL files DRHP: to issue 55 lakh equity shares

New Delhi, Nov 6 (UNI) Essel Shyam Communication Ltd (ESCL), a joint venture promoted by Essel Group and Shyam Group today announced it will enter the capital market to fund its financial requirements, and has filed a draft RHP with SEBI.

The raised fund will set up new Teleports at various locations all over the country.

In addition, the group is also expanding its current operations and diversifying into IT and ITES sector.

The company as plans to raise the funds sometime during December 2006 after receipt of SEBI and other requisite clearances.

It is offering 55 lakh equity shares of Rs 10 each through Book Building process at a premium to be decided at a later stage.

The company started its operations in 1998 with pure play VSAT services and now provides full range of VSAT services, media broadcast services, and satellite based broadband services, broadcasting/uplinking of satellite channels and DSNG services execution of projects on turnkey basis.

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