Prolific Systems to raise Rs 150 crore to fund expansion

High-end industrial EPC and training company, Prolific Systems and Technologies today said it is raising Rs 150 crore in the next two years to fund its capital expenditure plans.
"We are planning to raise around Rs 150 crore through public issue in September, 2017, part of which will be used to reward the existing investors and balance amount will be used for capex and acquisition purposes," Prolific Systems Executive Chairman Vasudeo Joshi told reporters here.
Prolific has drawn up growth plans to expand its various businesses in retail and corporate training as well as turnkey automation projects in India and the Middle-East.

The company is also looking at acquiring niche businesses in industrial turnkey solution in other countries which will help it grow. In vocational training, it is strengthening its presence and would look at investment to grow from existing 24 centres to 100 centres in next 3-4 years, Joshi said.
The company had received private equity investment of USD 2 million from Aref Group, a subsidiary of KFH group listed on the Kuwait Stock Exchange and currently holds a strategic stake.
The firm has also raised multi-million dollar funds from Canbank Venture Capital Fund (CVCFL), a subsidiary of public sector lender Canara Bank.

"We see a good long term growth potential in the company's business. We have funded the company in the form of equity and optionally convertible cumulative preference shares (OCCPS).
"This OCCPS will be converted in May, 2017 and we are looking at holding maximum 30 per cent stake," Canbank Venture Capital Fund Managing Director S Thiruvadi said.
"We are happy to partner with Canbank Venture Capital Fund to build strong presence in IP based solutions in chosen verticals and build value for all stakeholders involved," Prolific Systems Managing Director Vijay Baoney said.