Nutek India IPO receives grade of ‘3/5’ from rating agency CRISIL

Submitted by Pankaj Lakhotia on Mon, 06/09/2008 - 18:01

Gurgaon-based, Nutek India Limited has informed that its initial public offer (IPO) has received rating grade of 3/5 from Country’s premier rating agency, CRISIL.

The assign grade indicates that the fundamentals of the issue are average relative to other listed equity securities in India.

Last month, company received SEBI’s nod for entering the capital market with its IPO through the book building route. The issue consists of fresh issue of 3.5 million shares and the offer for sale of 1 million shares. The company aims to raise Rs 1,125 million – Rs 1,350 million through the proposed issue.

Nutek offers services to telecommunication equipment manufacturers, telecom operators, and third party infrastructure leasing companies for installing and maintaining telecom network equipment and infrastructure.

Nokia, Ericsson, Motorola, Tata Teleservices, Reliance Communication and Bharti Airtel are some of the major clients of Nutek India Ltd.

The objectives of the fresh issue are to raise funds for capital expenditure, overseas acquisitions and augmenting long-term working capital requirement.

The book running lead manager to the proposed issue is SPA Merchant Bankers Ltd and India Infoline Ltd.


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