Exicom Tele-Systems files draft papers with Sebi to garner funds via IPO
Sebi to raise funds through an Initial Public Offering (IPO). The maiden public issue comprises a fresh issue of equity shares aggregating up to Rs 400 crore and an offer for sale component of up to 74 lakh equity shares by promoter NextWave Communications, according to the draft red herring prospectus (DRHP), which was filed on Wednesday.
At present, NextWave Communications owns a 71.45 per cent stake in the company.
Also, the company plans to raise Rs 80 crore through a pre-IPO placement round.
If such placement is undertaken, the fresh issue size will be reduced.
Proceeds of the fresh issue will be used towards setting up production lines at the manufacturing facility in Telangana, investment in research & development as well as product development, and payment of debt, to support working capital requirements and general corporate purposes.
Exicom Tele-Systems develops industry-leading EV charging solutions for homes, workplaces, and public spaces.
Monarch Networth Capital, Systematix Corporate Servi,ces, and Unistone Capital are the book-running lead managers to the issue.
