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Lan Eseda Industries Ltd.

BSE: 523407 Sector: IT
BSE 05:30 | 01 Jan Lan Eseda Industries Ltd
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Lan Eseda Industries Ltd. (LANESEDA) - Company History

The company was incorporated on 25 Jun.'90 as Lan Eseda Industries Ltd., formerly known as Lan Eseda Software System and subsequently renamed Lan Eseda Industries Ltd. The company was promoted by three technocrats having excellent technical background and experience in computers and related areas. The company designs, develops and exports computer software and promotes institutes for imparting education in computers and allied activities. The company came out with a public issue in Apr.'91 to part-finance the import of IBM-mainframe computers. The company had established four software development and training centres in Bangalore, Baroda, Hyderabad and Madras. It has a tie-up with Information Systems Group, US. The company proposed to set up a coal-based sponge iron plant of 1,50,000 tpa at Gonda, near Nagpur, in collaboration (including equity participation) with Lurgi Chemie Metallurgie Industries Bau, Germany. The company promoted Cauvery Software Engineering Systems. It has also invested in Uniport Computers. To finance the sponge iron projects and to provide working capital margin, the company, in May '93, offered rights at a premium of Rs 15. Shares were allotted in Aug.'93. The company's operation has a set back consequent upon the collapse of the operating office building (Poonam Chambers "B" Wing, Dr A B Road, Worli, Mumbai) on 16th September, 1997, as a result of which the company has suffered huge losses.