Point Red Telecom IPO : Plans to raise Rs 102 crore

by khalid on 16/01/2011 · 2 comments

Point Red Telecom Limited already filed the Draft Red Herring Prospectus (DRHP) with the Securities and Exchange Board of India (SEBI). The company is planning to enter the primary market with an Initial Public Offer (IPO) of Rs 102 crores in comming weeks. PointRed telecom is a manufacturer of WiMAX equipments and decade old wireless design & product company based on the Silicon valley of the East, Bangalore India.

the IPO proceeds will be used for setting up a manufacturing facility at Baddi, Himachal Pradesh, to manufacture 4G equipments; research & development expenditure; and long term working capital requirements. Company estimated cost of these projects at Rs 9,082.71, which entirely get financed by issue proceeds.

Chennai based Gemini Communications (GCL) is the promoter of the company and hold 100% stake in company.

Book running lead manager to the issue is Motilal Oswal Investment Advisors Private Limited.

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Soerya January 16, 2011

Nice Post admin…..

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