Powersoft Global Solutions to raise Rs 11.88 cr through public offer

Mumbai, Mar 16 (UNI) Powersoft Global Solutions Ltd (PGSL), an IT company and a subsidiary of Nirvann Corporation of USA, is entering the capital market with a public offer of equity shares to raise Rs 11.88 crore.

The companys' Chairman and CEO Manish Poddar said the company is issuing 54 lakh shares of Rs 10 each at a premium of Rs 12 per share and the issues will open on March 23 and close on 29.

Replying to a question, Mr Poddar said one of the main objective of the issue is to generate resources to meet the costs of strategic acquisitions, which PGSL is planning.

Of the proceeds, he continued, the company will earmark over 25 per cent of the funds, roughly Rs three crore, for investments and acquisitions, while the remainder was for setting up a Research and Development center, up-gradation of existing infrastructure facilities and meeting expenses on international marketing activities.

Mr Poddar said an amount of Rs 2.20 crore is being set aside for meeting working capital requirement.

Presently, the promoters Manish Poddar, who is a US citizen, and P Rajkumar Gulecha, holds 53 and 21 per cent equity, respectively, in the company and after the public issue, their stake together comes to 42.67 per cent.

Shares of PGSL are presently listed on the bourses at Bangalore, Ahmedabad and Chennai, while the equity shares proposed to be offered alongwith the existing shares will be listed on the Bombay Stock Exchange (BSE) also, Mr Moddar said.

Centrum Capital is also subscribing to 10,000 equity shares at the same price as that offered to the public and the shares issued to them will be locked in for a period of one year from the date of allotment.

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