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Sasken Comm IPO oversubscribed on first day
Bangalore: Sasken Communication Technologies Ltd's initial public offer was oversubscribed 12.27 times on Thursday, the first day of its opening.

The public issue of five million shares, at a face value of Rs10 each will close on August 17.

The company has fixed a price band of between Rs230 and Rs260 per share. The company expects to raise between Rs115 crore and Rs130 crore from the public issue, which would be 100 per cent book built.

Sasken has major investors, including Intel, Nortel Networks and Nokia Growth Partners.

The company has reserved half a million shares for its employees and the net offer to public would constitute 16.39 per cent of the fully diluted post-issue paid-up equity capital. From the public portion, at least 60 per cent has been reserved for allotment to qualified institutional buyers on a discretionary basis, while another 10 per cent has been reserved for non-institutional investors and the balance 30 per cent is reserved for retail investors.

Enam Financial Consultants Pvt Ltd is the sole book running lead manager to the issue.

Sasken officials said the company plans to utilise the proceeds of the public issue towards setting up a software development campus in Bangalore, at a cost of Rs126.08 crore, as well as to meet general corporate expenditure, including investments and acquisitions.
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ICICI Venture invests Rs.42.5 crore in fabric manufacturer Sangam
New Delhi: Private equity player ICICI Venture Funds on Wednesday announced that it has made its second investment in the textile sector by investing Rs42.5 crore in Sangam (India) Ltd, a public limited company engaged in the manufacture of PV dyed yarn and fabric.

The investment has been made from its Rs1,100 crore India Advantage Fund.

ICICI Venture's investment in Sangam is structured as a mix of equity and warrants. The final stake of India Advantage Fund will be finalised after the open offer to be announced shortly, it said through a press release.

Sangam is one of the largest PV fibre dyed yarn manufacturer in the country with a manufacturing facility at Bhilwara, Rajasthan, the release said. The company had recorded a turnover of Rs289.6 crore in the year ended March 31, 2005 and a net profit of Rs14 crore during the period.

ICICI Venture officials said that Sangam is well positioned to address the global market opportunity and become a significant exporter.
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