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| Gemini Comm lines up Rs 180 crore |
| TE Narasimhan / Chennai Nov 17, 2009, 00:28 IST |
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Gemini Communication Ltd, a Chennai-based wireless networking and Wimax solutions company, has lined up Rs 150-180 crore for acquisitions and to expand its footprint overseas over the next three years.
Speaking to Business Standard, R Vijaykumar, chairman and managing director, Gemini Communications, said the capex would be invested to expand company’s footprint in the overseas market through acquisitions and joint ventures.
“We are scouting for acquisitions opportunities both in domestic and international markets mainly in networking and communication,” he said.
In June 2009, Gemini Communication had acquired a 51 per cent stake in Sanat Technologies, which provides advanced storage products and solutions, and had said it would invest Rs 1.5 crore in the company. It had also acquired Veeras Infotek, a security and availability solution provider, in June 2008. The deal valued at around Rs 7 crore was funded through internal accruals.
He said the company was looking at entering Africa and Russia by next fiscal through a local partner.
The company’s board meanwhile, approved the sponsored ADRs/GDRs for 15 million shares to be listed on the Frankfurt Stock Exchange at Rs 45 a share. Promoters or associates would not participate in this offer. "This would help us give access to the European market and will give avenue for capital infusion,” said Vijaykumar.
The company has appointed Quirin Bank, Frankfurt, as the lead manager and Deutsche Bank as depositor. The open offer will be for five days and the company is planning to list in the first week of December, he added.
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