Cranes Software plans GDR

Cranes Software International Ltd (CSIL), the Bangalore-based global scientific and engineering software solutions provider, has announced its plan to float a global depository receipts (GDR) issue.

Following the proposed GDR, CSIL's paid-up equity capital will increase from 8,422,440 shares to 10,222,440 shares of Rs 10 each. The company will issue of 1.8 million fully paid equity shares in the form of GDRs.

The board at its meeting held earlier on Monday also approved the incorporation of a fully owned subsidiary or acquisition of a company in Germany at an investment not exceeding $1 million.

This will be CSIL's second direct presence in Europe and CSIL will focus on demand for its products from within the continent.

CSIL's present office in London is focused on the UK market.

The company also has offices in Richmond, California in the US, and the recently opened office in Singapore, apart from its multi-locational presence in India.

As per a company statement, the proposed issue will contribute to the funding requirements of CSIL's planned business expansion, that include exploiting emerging growth opportunities through focused acquisitions, joint ventures and strategic alliances in India and internationally, acquisition of intellectual property rights (IPRs) and entering global marketing alliances for leading technical software products.

The funding will also be used to augment working capital of the rapidly expanding global business operations.

In this respect, the company has already announced its intention to invest up to Rs 0.10 crore in Esqube Communication Solutions Private Ltd and to enter into a worldwide marketing and distribution agreement for the Sigma Plot Line range of products with SPSS Inc, US, with the option to purchase these products after 2.5 years.

CSIL offers its customers products, consulting and training in the scientific and engineering field. The company has a distinct focus on product development, consulting, distribution and training.