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Powersoft to raise Rs 11.88 cr

Written by: Staff

Bangalore, Mar 20 (UNI) The city-ased IT solutions provider, Powersoft Global Solutions Limited (PGSL), will be offering 5.4 million equity shares of Rs 10 each at a premium of Rs 12 per share to raise Rs 11.88 crore for its expansion programmes.

Company Chairman and CEO Manish Poddar told newspersons here today that the company would use the proceedings to finance its latest acquisition CADGIS consultants for a consideration of Rs three crore, besides setting up a research and development centre and upgrading the existing infrastructure facilities. The issue opens on March 23 and closes on March 29, he added.

PGSL was a fully export-oriented unit, providing specialised solutions using its off shore resources based out of Bangalore combined with its sales and marketing arm in North America. It was one of the few Indian companies with comprehensive offerings in Radio Frequency Identification Space, one of the fastest growing technology in the world.

For the year ending September 2005, the company had reported a turnover of Rs 6.67 crore, up by 30 per cent over the previous year's turnover of Rs 5.13 crore.


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