Taksheel Solutions Limited announces its Initial Public Offering
Hyderabad Deccan News : Taksheel Solutions Limited, (the "Company" or the "Issuer") one of the fastest growing IT & Telecom software companies is proposing to open its maiden public issue with 55, 00,000 equity shares from 29th September, 11 to 4th October, 11 to fund its future expansion plans. In consultation with the Book Running Lead Manager (BRLM) the issue is in the Price Band of Rs. 130 to Rs. 150 per equity share of face value of Rs. 10. The issue price is 13 times of the face value at the lower end of the price band and 15 times of the face value at the higher end of the price band. The company will dilute 25.17% of Post Issue Paid-up Capital.
Focused on the software for the wealth management industry, Taksheel Solutions Limited (TSL) is a 100% EOU and ISO 9001: 2008 certified company. Taksheel Solutions Limited (TSL) plans to use the proceeds for setting up of a new software development centers at SEZ in Hyderabad and Warangal, Acquisitions and other Strategic Initiatives, Financing the Incremental Working capital requirements and to meet the general corporate and public issue expenses.
Speaking on the opening of the public issue Mr. Pavan Kumar Kuchana, CMD, Taksheel Solution Limited said "We have witnessed enormous growth in the wealth management software industry in the past few years. We are planning to set up a new software development centre at SEZ in Hyderabad, Warangal and also looking at acquiring a midsized IT firm in the similar space to leverage our experience and growth in the industry"
The issue structure for Taksheel Solutions Limited is - QIB- upto 50% of issue (27, 50,000 Equity Shares, of which 1, 37,500 Equity Shares of will be available for allocation to Mutual Funds only), HNI-not less than 15% of issue (8, 25,000 Equity Shares) and 19,25,000 equity shares to Retail Individual Bidders. 20% of post-offer capital shall be locked in for three years and all pre-IPO Equity Share capital shall be locked in for one year. The face value of the equity shares is Rs. 10 each.
The turnover as on March 31, 2011 was Rs. 14726.37 Lakhs, the Profit after tax was Rs. 2741.60 Lakhs, the Pre-issue Net worth as on March 31, 2011 is Rs. 9060.61 Lakhs, Net Asset Value per Equity Share as on March 31, 2011 is Rs. 55.41 and the Earning Per Share (EPS) as on March 31, 2011 was 16.51 as per restated audited financial statements of Taksheel Solutions Limited.
PNB Investment Services Ltd is the BRLM (Book Running Lead Manager) for the proposed Initial Public Offering. Photo By RSJ Thomas.
2011-09-28
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