Data Access IPO at Rs 17-20
By Mumbai: | 26 Mar 2004
Mumbai: Data Access forthcoming IPO will be priced at a band of Rs 17-20. The company plans to raise Rs 100 crore which opens on March 29 and closes April 5.
The proceeds would be utilised to expand and upgrade the company's telephony network, repay outstanding debts and expand into emerging markets.
Outlining the company's plans, Mr Siddhartha Ray, Managing Director, Data Access, told news persons yesterday that the company proposes to use Rs 45 crore towards debt repayment, Rs 20 crore would go towards working capital and the balance will be spent on the network expansion."
The IPO comprises a fresh issue aggregating 50 million equity shares at a face value of Rs 10 each and a price band of Rs 17 to Rs 20. The issue will constitute 25 per cent of the company's paid-up capital.
The issue would get listed on the NSE and BSE with SSKI Corporate Finance Pvt Ltd and Enam Financial Consultants Pvt Ltd as the book running lead managers to the issue.