Ramco Systems raises Rs 325 crore to cut debt

Chennai-based IT firm Ramco Systems today said it has raised about USD 52 million (Rs 325 crore) to help cut a substantial portion of its debt.
"The infusion, raised through Qualified Institutional Placements (QIP), is aimed at retiring a substantial portion of debts supporting operational expenses to attract the right talent and enhancing marketing efforts in global markets," Ramco said in a statement.
Global and domestic institutional players have picked up stake in the company through the QIP, it added.
HDFC Mutual Fund, Amansa Holdings, Goldman Sachs, Jo Hambro, Axis MF are some of the institutional investors, who invested in the company.

Post QIP, public shareholding of Ramco shares has increased from 30.9 per cent to 42.9 per cent.
"Globally, cloud companies are getting good valuation... India is slowly moving towards differentiating product from services-led software business," said Ramco Systems Vice Chairman and Managing Director P R Venkatrama Raja.
The company's shares closed 2.24 per cent lower at Rs 588.50 per scrip on the BSE.