Educomp to extend to all Indian languages

Educomp Solutions, a provider of technology enabled education solutions and services, plans to extend its content development, being offered in 10 local languages now, to almost all the other Indian languages too.

Announcing this on the sidelines of its initial public offering, Shantanu Prakash, director of the company, said, "Currently we offer our services in 10 languages and will be gradually extending this to all the Indian languages, including tribal languages that have their own scripts. The project would be completed in 12 to 18 months."

Educomp will enter the capital market with a public issue of 40,00,000 equity shares. The issue would constitute 25.06 per cent of the fully diluted post issue paid-up capital of the company.

The company proposes to allocate 50 per cent of the net issue to Qualified Institutional Buyers and 15 per cent to Non Institutional Bidders and 35 per cent of the issue to retail bidders.

The company intends to deploy the net proceeds from the issue of shares in three areas.The first would be an overseas acquisition to provide a fillip to its technology-driven smart class learning programme and online monitoring business in the US school education market.

The second would be on education content development for the US and South-East Asian market, and the third on an expansion of domestic education business.