Ontrack aims to raise Rs 50 crore

Ontrack Systems Ltd (OSL) has decided to raise Rs 50 crore from the securities market either by way of preference shares or another public offering to fund its foreign acquisitions one each in the US and Europe.

Addressing a press conference from London, managing director B Hari said that talks with these two companies were at an advanced stage and deals would be closed in the next couple of months.

Although Hari declined to name these two companies, he said, "The company in US was $7 million in size and had 80 odd employees. This company is into testing and embedded system development."