Cambridge Tech to enter capital market on Dec 29

Mumbai, Dec 19 (UNI) Cambridge Technology Enterprises Ltd (CTEL) will enter the capital market on December 29, 2006 with a public issue of 63,15,800 equity shares of Rs ten each for cash at a price of Rs 38 per equity share inclusive of premium aggregating Rs 24 crore. The issue will close on January 9, 2007.

Company Chairman&CEO Bhaskar Panigrahi told reporters here today,'' CTEL, one of the leading providers of comprehensive Service Oriented Architecture (SOA)-based solutions and services, has a focus on building and integrating Enterprise Transformation applications. To meet these strategic objective, CTEL embarked on a project worth Rs 30.70 crore. The same is proposed to be funded by way of Rs 4.70 crore of term loan by UTI bank, Hyderabad.'' ''CTEL is now focused on providing SOA-based solution on Oracle platform and would need to migrate to common Fusion platform over next few years. The SOA market is itself slated to show major growth trend and to achieve its growth objectives, the company has prepared a four pronged strategy combining-expanding its infrastructure and capabilities, investing in IP creation and reusable frameworks, building competency centers for SOA and strategic acquisitions,'' he added.

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