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New Delhi, May 23 Gurgaon-based telecom infrastructure service provider Nutek India Ltd has got Securities and Exchange Board of India’s approval for its initial public offer of 4.5 million shares with a face value of Rs 10 each.

The issue constitutes 26.07 per cent of the company’s fully diluted post issue paid-up capital. The offer consists of fresh issue of 3.5 million shares and an offer for sale of 1 million shares by existing shareholders.

“The objectives of the fresh issue are to raise funds for capital expenditure, overseas acquisitions and augmenting long-term working capital requirement. The book running lead manager to the proposed issue is SPA Merchant Bankers Ltd and India Infoline Ltd,” said a press release.

Nutek offers services to telecommunication equipment manufacturers, telecom operators, and third party infrastructure leasing companies for installing and maintaining telecom network equipment and infrastructure.

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