Chennai-based education and placement service provider EdServ Softsystems today said that it is planning to raise Rs 130 crore through a qualifiied institutional placement (QIP). The decision was taken in a board meeting and the price including the premium, will be fixed later in consultation with the lead managers.
The money raised will fund the expansion plans of the company which include content development and acquisition, expansion of infrastructure and schools and upgrading learning manangement systems. EdServ also said that there will be a proportionate allotment to qualified institutional buyers (QIB) in case of oversusbcription. HDFC Bank will be the merchant banker for this proposed QIP issue.
The board has also approved to raise the authorised share capital of the company from Rs 14 crore to Rs 25 crore. All these proposals will be subject to shareholder approval at an extraordinary general meeting to be held on March 25, 2010.
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