Nu Tek India fixes IPO price band

The IPO comprises of 45,00,000 equity shares of Rs 10 each for cash at a price to be determined through a 100 per cent book-building process.     

The issue constitutes 26.07 per cent of the fully diluted post-issue paid-up equity share capital of the company. It has been assigned an IPO grade of 3 out of 5 by rating agency, CRISIL.     
The IPO opens on July 29 and closes on August 1.     

The company intends to utilise the proceeds from the issue to meet the cost of capital expenditure, overseas acquisitions and augmenting its long-term working capital requirements, amongst others.     

"We plan to acquire small and mid-sized companies in overseas markets to enhance our presence, besides investing in developing our technological and industry expertise and delivery infrastructure in India," Nu Tek India's Chairman and Managing Director, Inder Sharma, told reporters here today.     

The acquisitions would help Nu Tek to strengthen its presence in emerging overseas markets and scale up its revenues.     

The company has earmarked Rs 21 crore for such buys. The company also plans to expand in Turkey and Libya, Sharma said.