Aishwarya Telecom IPO opens on April 15

Mumbai, Apr 10 (UNI) Aishwarya Telecom, manufacturer of test and measuring instruments in the telecom sector, today announced opening of its initial public offer on April 15, of four million equity shares of Rs ten each for cash, at a premium to be decided through a 100 per cent book building process.

The price band for the issue, which closes on April 17, has been fixed between Rs 32 and Rs 35, with the proceeds to be utilised to fund the capital expenditure for R and D projects including Main Frame Optical time Domain Reflecto Meter in collaboration with IIT Chennai, ethernet traffic analysers and to build its R and D and administrative offices in Hyderabad, Company Managing Director G Rama Manohar Reddy told newsmen here today.

The issue comprised of reservation of upto 100,000 shares for eligible employees. The net issue of the IPO would constitute 36.59 per cent of the fully diluted post issue paid up capital of the company.

During the first nine months of last fiscal, the company had a sales turnover of Rs 22.08 crore with a profit after tax of Rs 3.14 crore.

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