Omnitech Infosolution to enter capital market

Mumbai, July 12 (UNI) IT solution company, Omnitech Infosolutions Limited, will enter the capital market with a public issue aggregating Rs 35 crore.

The net proceeds of the issue will be utilised to fund acquistions and for strategic investments.

With a price band of Rs 90 to Rs 105, the public issue will open on July 19. The issue is being made through a 100 per cent book building process.

As part of the company's plans, it had acquired the business assets of EdVenture Systems, a partnership firm carrying activities relating software testing.

The company's client base includes banking and financial services such as HDFC and CRISIL.

The company has also recently floated two joint venture companies in Bahrain namely DRX Gulf WLL for providing disaster recovery services and Omni Gulf Technologies for IT related products and services in the Middle East.

Omnitech has total income of Rs 77.80 crore and earned net profit of Rs 11.83 crore for the year ended March 31, 2007.

UNI