Intense to raise $10mn

Hyderabad-based Intense Technologies Limited (formerly Fortune Informatics), will raise an aggregate sum of up to $10 million (Rs 45 crore) by issue of equity related instruments to qualified institutional buyers or by issue of global depositary receipts (GDRs) and foreign currency convertible bonds (FCCBs). The company has obtained a permission from its shareholders to raise these additional resources.

Intense intends to use the raised funds to power the marketing of its products "� ReportSuite and WebBiz "� in the domestic and international markets.

"Our flagship product ReportSuite accounts for more than 70 per cent of the market share. It has also acquired a number of key clients in the international market. Buoyed by this, we now plan to offer the product globally, as an enterprise information accelerator and also extend it as an e-gility solution," CK Shastri, managing director of Intense, said.