Tejas Networks is coming out with an initial public offering (IPO) to raise up to Rs 776 crore in a price band Rs 250-257 per equity share. The issue will open on June 14, 2017 and will close on June 16, 2017. The shares will be listed on the BSE and NSE.
The IPO will see the company raise Rs 450 crore of primary capital through a fresh issue of shares, while certain existing shareholders of the firm will sell shares worth Rs 326 crore through an offer for sale. The company will use the issue proceeds for capital expenditure towards payment of salaries and wages for research and development team, working capital requirement and general corporate purposes. The book running lead managers to the issue are Axis Capital, Citigroup Global Markets India, Edelweiss Financial Services and Nomura Financial Advisory and Securities (India).
Tejas Networks is optical networking products company. It caters to telecommunications operators, internet service providers, utilities, defence and government entities in over 60 countries.
