New Delhi, Jul 17: Gurgaon-based KLG Systel Ltd on Thursday, July 17 said it has entered into an agreement with IBM Daksh Business Process Services Pvt Ltd for an investment of Rs 12 crore in its subsidiary, KLG Power Ltd.
KLG, a small-cap IT company catering to the engineering and utility sector, will have a subscription price of Rs 608.96 per share for 1,97,057 equity shares of Rs 10 each, equivalent to 1.19 per cent of the total share capital of KLG Power Ltd on fully diluted basis, a company statement said. This is IBM's second investment in a small-cap in the country after Daksh.
IBM is already an exclusive partner for KLG Systel, providing technology platforms for many offerings including Vidushi, a revenue management system specific to energy firms.
KLG plans to consolidate its revenue management technologies for marketing by its subsidiary KLG Power in partnership with TPG Growth India, an arm of US private equity firm TPG.