Tech Mahindra, a provider of services to telecom companies, has announced the filing of its draft red herring prospectus with Security and Exchange Board of India (SEBI). The proposed issue will offer 12.74 million shares to the public, of which 1.15 million shares will be reserved for employees.
Mahindra & Mahindra and BT will offer 3.82 million and 5.73 million shares as part of the issue. The company will issue additional equity of 3.18 million shares as part of the issue, the company said in a statement.
The company plans to use the proceeds from the issue for creating facilities for expansion. The company has acquired 98,400 sq. metres of land and proposes to build world class facilities in the Rajiv Gandhi Infotech Park in Hinjewadi, Pune.
Vineet Nayyar, Vice Chairman and Managing Director, said, "Our listing is the next step in our journey of evolution, assisting in our facility expansion plans to keep pace with our business needs."
The revenue for the year ended March 31, 2006 grew to Rs.1242.7 crore, from Rs. 945.6 crore for the year ended March 31, 2005.
Profit after tax also grew by 130%, from Rs. 102.4 crore for the year ended March 31, 2005 to Rs 235.4 crore for the year ended March 31, 2006.
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