Everonn Systems enters capital market

Chennai, June 23: Everonn Systems India Ltd, a fully integrated education and learning solutions company, is entering the capital market with a public issue of equities of face value Rs 10 each, at a premium aggregating to Rs 50 crore.

The public issue, which would open on July five, was being made through a 100 per cent book building process and the price band was fixed at Rs 125 to Rs 140 per equity share, company MD Kishore Padmanabhan told newspersons here today.

''The equity shares of the company are proposed to be listed on both, the BSE and NSE,'' he said, adding about 50 per cent of the public issue should be allocated on a proportionate basis to QIBs, of which five per cent of the issue would be available for allocation to mutual funds.

He said ''not less than 15 per cent of the issue shall be available for allocation on a proporionate basis to non-institutional bidders, and not less than 35 per cent of the issue shall be available for allocation on a proportionate basis to retail individual bidders".

Mr Kishore also informed that the company had embarked on expansion project to be funded by IPO proceeds and internal accurals.

''We have planned to expand our operations close to 1,000 schools every year,'' he said, adding ''the company will allocate Rs 1,725 lakh from their IPO proceeds towards capital expenditure for virtual and tech enabled learning solutions.''

UNI