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PGSL to raise Rs 11.88 crore

Powersoft Global Solutions will enter the capital markets with a follow-on public offer of equity shares to raise Rs 11.88 crore.

india Updated: Mar 16, 2006 17:40 IST

Bangalore-based IT firm Powersoft Global Solutions Ltd will enter the capital markets with a follow-on public offer of equity shares to raise Rs 11.88 crore for its expansion and research & development activities.

The firm plans a follow on public offer of 54 lakh shares of Rs 10 each at a premium of Rs 12 per share.

"We are planning to fund our future course of expansion as well as inorganic growth through proceeds of the issue," Powersoft Global Chairman and CEO Manish Podar said.

We would be utilising the proceeds for increasing our headcount to more than 200 than present 75. We will also set up an dedicated team of experts for our R&D activities, said Poddar.

The Rs 6.67 crore firm is basically engaged in client domain development and IT services for Radio Frequency Identification space and has around 85 per cent of its business coming from the US.

"We had acquired a firm engaged in CAD & GIS services a year back. Now, we are looking for acquiring more such firms in the area of RFID implementation, Semiconductor design, PLM solutions and CAD GIS," Poddar added.

He made it clear that the firm plans to tap the increasing global market potential of RFID segment.

"We have already provided RFID solutions to few US clients in areas like retail business and logistics," Podar said.

The company, which plans its expansion with new premises coming in Hyderabad and Chennai besides Banglore, notched a turnover of Rs 6.67 crore in year ended September 2005 as compared to Rs 5.13 crore previous year.

First Published: Mar 16, 2006 17:40 IST