Tricom plans $5 mn GDR

Non-voice BPO major Tricom India (TIL) is planning an issue of $5 million global depository receipt (GDR) and a listing on the Luxembourg Stock Exchange. The company will use the GDR proceeds for its expansion in the country and for acquisitions of firms with similar operations in the US.

Confirming this, Anil R Bakshi, executive director (finance), Tricom India, told Business Standard that the company is close to getting all regulatory and necessary approvals.

"We are in the process of getting the final approvals, and expect the issue to open within a week and the listing to take place within 10-15 days," he said.

Tricom Managing Director Chetan S Kothari and his brother Hiren S Kothari hold 14.3 per cent stake in the company, mutual funds and financial institutions 10 per cent and the remaining is held by public.

The company has around 4.6 crore of shares, which are being traded on the Bombay Stock Exchange at around Rs 180 per share. This puts the valuation of the company at Rs 828 crore.

Tricom plans to use the proceeds to ramp up its operations, set up another centre in Nashik and acquire a company in the US, according to Jayant Tanksale, executive director (operations).

Tricom has two centres in Mumbai, spread across 50,000 square feet and employs around 1,700 persons.

The company is looking at increasing the office space in the city and ramp up its employee count to around 2,300 in the next four months.

The company is looking at setting up a 40,000 sq ft centre at Nashik and plans to recruit over 2,000 persons.

The company is also looking at acquiring a company in the US that would help it have a presence there.