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Fortune Informatics Ltd (FIL), a Hyderabad-based software company which is spreading its electronic document management systems (EDMS), is planning to set up operations in Chicago to cash in on the $3.6-billion EDMS market in the United States.

The company has recently begun talks with a number of US-based banks and corporations to instal its EDMS solutions.

FIL will fund its US expansion through a public issue of 2.1 million shares of Rs 10 each for cash at par aggregating to Rs 2.10 crore.

The issue, which is being lead-managed by Karvy Investor Services Ltd and SBI

Capital Markets, will open on August 28 and close on September 4, 1999.

 

The issue will have a maiden public offering of 1.85 million equity shares of Rs 10 each at par. Reliance Capital Mutual Fund and Karvy Investor Services Ltd will be allotted 1.5 lakh and 1 lakh equity shares, respectively.

FIL has projected that nearly 75 per cent of its expected Rs 8 crore turnover during the current fiscal will come from software activities. The company's document management solution (DMS), Papyrus, will be the flagship product which is currently being used by Siemens, L&T, Life Insurance Corporation, Reserve Bank of India, IDBI and others.