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TCIL to raise Rs 1,500 crore from IPO, spend Rs 600 crore on expansion
Stateowned Telecommunications Consultants India Ltd TCIL expects to raise roughly Rs 1,500 crore from its planned IPO and wants to retain part of the proceeds about Rs 600 crore for expansion and working capital needs, according to a company source The proposed IPO is likely to hit the market sometime in the middle of this year
TCIL is among the six Central Public Sector Enterprises that the government proposes to list on stock exchange through public issue.
State-owned Telecommunications Consultants India Ltd (TCIL) expects to raise roughly Rs 1,500 crore from its planned IPO and wants to retain part of the proceeds -- about Rs 600 crore -- for expansion and working capital needs, according to a company source. The proposed IPO is likely to hit the market sometime in the middle of this year.
TCIL is among the six Central Public Sector Enterprises that the government proposes to list on stock exchange through public issue.
TCIL had evinced interest in a 'piggyback transaction' of about 10 percent, a proposal that Digital Communications Commission - the highest the decision-making body of Telecom Ministry - had recently approved.
The government plans to sell up to 15 percent stake in the IPO to mop up about Rs 900 crore. Separately, TCIL wants to issue fresh shares to the tune of 10 percent, which could fetch the company up to Rs 600 crore.
TCIL is keen to raise up to Rs 600 crore through fresh issue of shares (10 percent) during the upcoming IPO, while the rest of the proceeds will go to the government.
The official said that TCIL is executing Bharat Net projects and a host of other contracts and requires the amount as working capital and project funding.
TCIL is also hopeful of a favourable valuation for itself, given also its existing stake in Bharti Hexacom which operates services in Rajasthan and North East.
"TCIL also wants to start a cyber academy now as a lot of training requirement is coming in," the official said underscoring the need for funds.
