Sharia-compliant Octaware Technologies gets BSE nod to list

Octaware Technologies, which claims to be the country's first 100 per cent sharia compliant company, has received BSE's approval to list its shares on the SME platform.
The company has received BSE approval yesterday for its maiden IPO of Rs 11.11 crore.
"The issue would be of 11,11,200 equity shares of Rs 10 each for cash offered at a price of Rs 100 per share. The net issue will constitute 25.17 per cent of the post-issue paid up capital of the company," it said in a statement.
Mumbai-based Octaware Technologies had filed its Draft Prospectus with BSE on December 30, last year.

Once listed, Octaware Technologies would be the first listed company in India that is fully compliant to Sharia laws. The company has appointed a Sharia consultant to oversee the compliance of its operations.
The IPO is being Lead Managed by Aryaman Financial Services.
Octaware is a software development, enterprise solutions and consulting firm engaged in business of providing a range of IT solutions across healthcare, education and financial services sectors.