GSS Info gets nod to raise $20 mn

GSS Infotech Limited (formerly GSS America), a Hyderabad-based specialising in remote infrastructure management services, virtualisation solutions and application management services, is planning to raise $20 million to support its inorganic growth plans. The members of the company, at their ninth annual general meeting held on Friday, passed an enabling resolution to this effect. “The proposed fund-raising is to fuel any proposed acquisition that the company intends to make,” A Someswara Rao, company secretary of GSS Infotech, told Business Standard. GSS plans to raise the funds through foreign currency convertible bonds (FCCBs), American/global depository receipts or via the qualified institutional placement route. The company, established in 1999, currently has four developments – one each in New York, Illinois, Connecticut and Hyderabad. GSS Infotech Limited’s scrip ended the trade at Rs 38 on the BSE, up 2.56 per cent, over the previous close of Rs 37.05.