Moneycontrol
Last Updated : Sep 19, 2018 01:45 PM IST | Source: Moneycontrol.com

Dinesh Engineers IPO to open on September 28, price band set at Rs 183-185/sh

Dinesh Engineers will utilise net issue proceeds for expansion of business by setting up of further OFC network under IP-1 license; fund expenditures towards general corporate purposes; and to meet public issue expenses.

Moneycontrol News @moneycontrolcom

Passive communication infrastructure provider Dinesh Engineers has decided to open its initial public offering for subscription in the coming week.

The company after consultation with merchant bankers has fixed price band at Rs 183-185 per share for the issue.

The issue will be opened for subscription during September 28 and October 3, 2018 while the anchor investor allocation will take place a day prior to the bid/offer opening date i.e. September 27.

The initial public offering consists of up to 1 crore equity shares, which means the company intends to raise Rs 185 crore at higher end of price band.

Dinesh Engineers will utilise net issue proceeds for expansion of business by setting up of further OFC network under IP-1 license; fund expenditures towards general corporate purposes; and to meet public issue expenses.

Dinesh Engineers is focused on providing passive communication infrastructure services mainly to the telecom operators and internet service providers (ISPs). The company was incorporated in 2006 and through the next several years, company worked towards executing the fiber laying work for many telecom operators.

Since the receipt of the IP-I license, the company has created own optic fibre network of around 7,500 kms which runs across the state of Rajasthan, Gujarat, Maharashtra, Goa, Karnataka, Andhra Pradesh and Telengana.

Dinesh Engineers' wired network infrastructure solutions is used by many telecom companies such as Airtel, BSNL, Reliance Jio, Vodafone, Idea, Tata Communications etc.

Since the year 2011, company has laid fibre network of around 9,500 Kms for the telecom operators under the vendor projects which run across the states of Maharashtra, Gujarat, Uttar Pradesh, Bihar, Karnataka, Andhra Pradesh, Chhattisgarh, Goa and Rajasthan and are currently being used by companies like BSNL, Airtel, Vodafone, Idea Cellular, Reliance Jio, TTML, BSNL, Reliance Corporate IT Park and TCIL.

Hem Securities is the book running lead manager to the Issue and the registrar to the issue is Link Intime India. Equity shares of the company are proposed to be listed on Bombay Stock Exchange and National Stock Exchange.

Disclaimer: Reliance Industries Ltd. (which owns Reliance Jio) is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
First Published on Sep 19, 2018 01:40 pm
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