Nu Tek India to raise Rs 90 cr through IPO

Mumbai, July 23 (UNI) Nu Tek India Limited, a telecom infrastructure service provider, today announced that it would raise about Rs 90 crore through Initial Public Offering (IPO), opening on July 29 with fixed price band at Rs 170 and Rs 192 per equity share.

The issue, consisting of 45 lakh equity shares, will close on August one and includes 26.07 per cent of the fully diluted post-issue paid up equity share capital of the Company, the Company said here today.

The proceeds will be utilised to meet the cost of capital expenditure, overseas acquisitions and augmenting the long term working capital. ''50 per cent of the proceeds will be for raising working capital and the rest will be utilised for planned acquisitions,'' Nu Tek Director Vineet Sripaul said.

The Company has already identified two overseas acquisitions and it is in talks with the target companies, belonging to the same business, and hopeful to complete the deal in the current fiscal, Mr Sripaul added.

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