Ravi Sheth ups stake in Logix

GE Shipping's Executive Vice-President Ravi K Sheth raised his stake in Logix Microsystems, a Bangalore-based specialised software development firm, to 14.05 per cent.

Sheth, who was holding around 13.90 per cent stake in the company, acquired an additional 0.15 per cent stake on Wednesday. He was holding 9,82,899 shares on January 31, 2005. With the latest acquisition, Sheth got 10,546 shares more taking his tally to 9,93,445 shares.

The additional shares were bought from the open market. The paid-up capital of Logix which was 7.07 crore shares (70,72,073 equity shares of Rs 10 each), remained unchanged after the acquisition.

According to the BSE, in Logix Microsystems, promoters had 33.34 per cent stake while institutional investors and others held 9.11 per cent and 57.56 per cent respectively on December 31, 2005.

Logix has transformed from a generic service provider to a specialised products company having a niche in providing automotive e-retailing solutions. Its flagship product is 'Izmocars', which is a search engine optimisation tool.

It also plans to increase penetration in the US market in the next couple of years, banking on its flagship product.

It is in talks with Nissan, Mitsubishi and Ford Motors for implementation of Izmocars solution. A tie-up with any of them would put the company on a growth trajectory, said sources.

The company had posted net profit of Rs 2.14 crore in the financial year ended March 31, 2005 against net loss of Rs 2.74 crore in the previous year, while sales had touched Rs 12.18 crore (Rs 10.84 crore) and equity paid-up capital had stood at 6.32 crore shares.

The company, which has 350 clients, expects to increase the total number of clients to 600 by end of this financial year.