Dhanus Technologies, one of India's fastest growing communications services companies, has informed that it has utilized over Rs 98.46 crore on its project out of over Rs 113.13 crore, which is raised through public issue. However, the remaining amount of over Rs 14.66 crore took care of expenses incurred on initial public issue. Further, the board of directors of the company at its meeting has recommended 17% dividend for the financial year ended Jun. 30, 2008 on the paid up capital of Rs 179.4 million subject to the approval of the shareholders at the annual general meeting.