India’s Tulip Telecom is seeking to raise Rs1,000 crore (US$214m) through securities or bonds to fund expansion and acquisitions, according to local reports.
CMD HS Bedi is widely cited saying Tulip’s board is considering raising the amount through…
India’s Tulip Telecom is seeking to raise Rs1,000 crore (US$214m) through securities or bonds to fund expansion and acquisitions, according to local reports.
CMD HS Bedi is widely cited saying Tulip’s board is considering raising the amount through equity, bonds or qualified institutional placements.
However, a time frame or acquisition targets were not disclosed.
The company recently posted a net profit of Rs641.8m (US$13.7m) for its first quarter ending 30June, 2010, representing an 8.5% increase from R591.3m (US$12.6m) for the corresponding period last year.
Its EBITDA margin for Q1’10 also improved to 27.1%, from 24.5% for the same period in 2009.
Tulip was unavailable for comment before going to press.
