Tanala Solutions enters capital market

Bangalore, Dec 6 (UNI) The Hyderabad based Tanla Solutions, an integrated Telecom solutions and products provider, will be entering capital market with public issue of 15,885,000 equity shares of Rs two each in the price band of Rs 230 to Rs 265 to raise Rs 480 Crore, Company Director Anooup Roy Kundal said today.

Addressing newsmen here, he said the company has already made its footprints in Indian telecom sector and has plans to set up infrastructure facilities, strengthen R&D center and to meet working capital requirements.

He said that the amount raised through public issue would be utilised for setting up infrastructure facility for Development Center at Hyderabad (Rs 77.2 crore), back-up and disaster recovery center in Bangalore (Rs 12.7 crore) and expansion and upgradation of its existing research and development facilities (Rs 22 crore) and to meet working capital requirements (Rs 20 Crore).

Mr Anoop said that the company, which had surpassed the previous year's revenue of Rs 66 Crores within six months for the current year has an ambitious plans to both domestic and global expansion and acquire and invest in strategic businesses. The company which has presence in Europe has intended to extend its wings to United States, Australia and Singapore.

He said that the Tanla solutions the provider of integrated solutions and products for the wireless market was specialized in providing signalling system 7, messaging infrastructure software products including Short Messaging Service Center (SMSC) and High density media services. It also offer messaging applications and billing services and offshore services includihg softwre develoment, infrastructure management services and technical support services.

The issue was being made through the 100 per cent book building process. The issue comprises a promoter contribution of 1,588,500 equity shares (10 per cent of the issue) at the issue price. This leaves net offer to the public of 14,296,500 equaity shares, constituting 28.59 per cent of the fully diluted post-issue capital of the company.

At least 50 per cent of the net Issue shall be allocated to Qualified Institutional Buyers ('QIBs), including five per cent of the QIB portion specifically reserved for Mutual Funds on a proportionate basis.

The Issue, which opens on December 11 and closes on December 14, were proposed to be listed on the BSE and NSE alongwith its equities already listed on the Hyderabad, Ahmedabad and Madras stock exchanges hhe added.

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