Tanla proposes Rs 250cr float

Tanla Solutions Limited proposes to enter the capital market with a public issue of 15,885,000 equity shares of Rs 2 each through 100 per cent book building process.

The company has filed the Draft Red Herring Prospectus with the Securities and Exchange Board of India (Sebi). SBI Capital Markets Limited is the book running lead manager for the issue and Karvy Computershare Private Limited is the registrar.

Based on the pricing of the issue, Tanla Solutions expects to raise between Rs 180 crore and Rs 250 crore.

The company intends to utilise the proceeds of the issue for consolidation and expansion of development facilities for telecom R&D, product development and aggregator services. The company also plans to set up an exclusive campus for offshore development at Vattinagulapalle, around 25 km from Hyderabad.

Tanla Solutions plans to sponsor telecom/industrial research at institutes like IIT for exploring newer signalling technologies. Four international marketing offices "� two in the US and one each in Australia and Singapore "� are also in the pipeline, a media statement said.

The company has also proposed project centres and nodal maintenance centres for providing decentralised and efficient management support services for products and services.