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Eagle Hunter to file for Rs 70cr IPO in March

Press Trust of India  |  New Delhi 


Security services provider Solutions today said it will soon file (DRHP) with market regulator Sebi to come out with a Rs 70-crore to part-finance its expansion and acquisition plans.

"We will file the DRHP with Securities and Exchange Board of India (Sebi) in the first week of March and launch the initial public offering as soon as we get the clearance, irrespective of market conditions," company Chairman B R Lohia told PTI.

The company operates into two major areas -- security services and security education. It provides uniformed guards and value-added services like cash management, investigation and security consultancy to its clients.

Since its beginning in 1982, Solutions has come a long way to register Rs 119 crore total income last fiscal. It is confident of going past the Rs 150-crore mark in the current fiscal.

The company has six training centers, 30 offices across the country and around 7,500 personnel on pay roll now. proceeds would partly be used to fund increasing the tally of training centers to 26, offices to 100 and personnel to 15,000 by the end of the current fiscal.

Apart from going by organic route, Solutions also plans to acquire 4-5 medium-sized security services firms and is in advanced stages of talks for finalising the deals.

"We have already identified the targets and are in the final stages of negotiation for acquiring the firms based in Mumbai, Jaipur, Chennai, Coimbatore and Delhi," Lohia said.

Eagle Hunter Solutions would buy majority stake and the total cost of acquisition would be between Rs 25 and Rs 30 crore, he said.

The company has 900 clients now and hopes to double the number once the proposed expansions come into place.

First Published: Wed, February 23 2011. 15:02 IST