Kotak SEAF India Fund and Tano Capital-backed engineering, procurement and construction company ICOMM Tele is looking to raise Rs 200 crore through its maiden public issue. The private equity investors are staying put having invested two years ago.
Kotak SEAF-backed India Growth Fund had invested Rs 70 crore in Feb’08 and it currently holds 10.2% stake with an average cost of purchase at Rs 172.23. Tano had purchased shares from the promoters around the same time and it currently owns 5.1% in the company.
The issue comprises fresh issue besides part sale of shares by the promoters. Incidentally, both the private equity investors have entered into a sale agreement to sell undisclosed stake to the promoters or the employee welfare trust.
One of the early investors in the company was India Private Equity Fund that put in around Rs 56.25 crore way back in 1996, arguably one of the earliest PE/VC deals in the country. However, IPEF does not figure among the current shareholders which means it exited few years ago by selling out to the promoters.
The Hyderabad-based company is promoted by 34-year-old Sumanth Paturu and family. For the 15-month period ended September’09 the company had total income of Rs 913 crore with net profit of Rs 25.1 crore as against total revenues of Rs 1,070.8 crore with net profit of Rs 75.47 crore for the twelve months ended June’08.