New Delhi: State-owned Telecommunications Consultants India Ltd (TCIL) expects to raise roughly Rs 1,500 crore from its planned IPO and wants to retain part of the proceeds – about Rs 600 crore – for expansion and working capital needs, according to a company source.
The proposed IPO is likely to hit the market sometime in the middle of this year. TCIL is among the six Central Public Sector Enterprises that the government proposes to list on stock exchange through public issue.
TCIL had evinced interest in a ‘piggyback transaction’ of about 10 per cent, a proposal that Digital Communications Commission – the highest the decision-making body of Telecom Ministry – had recently approved. The government plans to sell up to 15 per cent stake in the IPO to mop up about Rs 900 crore. Separately, TCIL wants to issue fresh shares to the tune of 10 per cent, which could fetch the company up to Rs 600 crore.
