Monday, December 10, 2007

Nutek gets 25 cr funding from a US fund

Gurgaon-based telecommunication solutions company, Nutek India Ltd, said that it was close to sealing a Rs 25-30-crore infusion from a leading US-based fund by end-this month. "We are in the final stages of closing this deal," Nutek India Managing Director Inder Sharma told reporters here.

The US-based fund will be picking up an around 10 per cent stake in Nutek, Sharma said, however without disclosing the identity of the US-based fund. The sale price is expected to be in the range of Rs 170 per share. Earlier, Atherstone Capital had invested Rs 10 crore in the company for an around 8 per cent stake. Atherstone Capital had been sold the company's shares at Rs 87 per share, Sharma said. This transaction took place nearly two years ago.

Post the fund-infusion expected to be completed by end-this month, the promoters' holding in the company would come down below 80 per cent from the present around 90 per cent, Sharma said.

Nutek's core expertise lies in the breadth of services it provides to its customers in the telecom infrastructure market. It provides turnkey infrastructure creation and installation for telecom sites which includes passive infrastructure like towers, telecom shelters, power plants, back-up power, DG sets, electrical infrastructure and earthing stations, among other services.

Source: Economic Times

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