TCIL plans Rs 300-cr IPO

By siliconindia   |   Monday, 04 August 2003, 19:30 IST
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NEW DELHI: The state-run Telecommunications Consultants India Ltd (TCIL) plans to raise at least Rs 300 crore through an initial public offering (IPO), its chairman was quoted as saying by an Indian business daily on Monday. "The board has approved the IPO and it is under consideration by the government," TCIL Chairman Govind Das Gaiha told the daily. He said no firm date or price had been finalised yet. Gaiha said the New Delhi-based company planned to offer 25 per cent of its Rs 14.4 crore equity capital to investors and use the proceeds to fund overseas expansion. The 25-year-old TCIL, which also implements projects and manages telecoms networks, is wholly owned by the government.

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