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Tuesday, July 25, 2006

Tech Mahindra IPO opens on August 1

IT solutions company, Tech Mahindra will open its IPO on August 1, 2006 for subscription.

The price band has been fixed at Rs 315-365 per share.

M&M is to divest 60 lakh equity shares for Rs 189-219 crore (Rs 1.89-2.19 billion) of Tech Mahindra.

Tech Mahindra is planning to have centres in Noida, Chennai, Hyderabad, Kolkata and Chandigarh with an investment of Rs 350 crore (Rs 3.5 billion). The centres in Kolkata, Chandigarh and Noida will have capacity to seat 2,000 professionals each.

Tech Mahindra is planning to develop its centres in Kolkata, Chandigarh and Pune as special economic zones, which offer a host of tax concessions.

In the last three years, the company's revenue has grown by around 30% from Rs 742 crore (Rs 7.42 billlion) in 2004 to Rs 1,245 crore (Rs 12.45 billion) in 2006. Its net profit has grown from Rs 64 crore (Rs 640 million) to Rs 235 crore (Rs 2.35 billion) during the same time.

The equity shares have proposed to be listed on the BSE and NSE.

Kotak Mahindra Capital Company and ABN AMRO Securities (India) are the book running lead managers and Intime Spectrum Registry is the registrar to the issue.

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