TCIL plans Rs 200 crore offering

Telecommunication Consultants India (TCIL) said it plans to come out with an initial public offer to offload 25 per cent equity to raise up to Rs 200 crore.

The move comes even as other telecom operators like Idea Cellular, Essar Hutchison and Tata Teleservices are planning to tap the market.

Data Access has already filed for a Rs 100 crore IPO with the Securities Exchange Board of India.

G D Gaiha, chairman and managing director, TCIL, said: "We would finalise the IPO plans within one month.

The funds from the IPO would be required for our new activities, especially in the overseas market." TCIL also offered a sixth bonus issue to the government, taking its paid up capital to Rs 28.8 crore from Rs 14.4 crore.

The 1:1 bonus was handed over by Gaiha to Nripendra Mishra, secretary, department of telecom.

Gaiha said the company has diversified into various new activities including construction of roads on a turnkey basis for the National Highways Authority of India (NHAI) and state highways departments.

The value of projects handled by TCIL in the overseas markets during the current financial year is likely to go up by 38 per cent to Rs 450 crore from Rs 327.15 crore in the previous financial year.

The total turnover is expected to increase 11 per cent over the last year's numbers.

During 2002-03, the company had reported a turnover of Rs 500 crore. On plans to offload its 30 per cent stake in Rajasthan-based cellular company Hexacom, Gaiha said that SBI Caps has been appointed as advisor for the proposal.