Adequate funds for expansion till FY10: Educomp

New Delhi, Sept 15 (UNI) Education services firm Educomp Solutions Ltd today said it has adequate funds for its expansion plans and does not intend to raise any more funds till March 2010.

''We have just raised over Rs 700 crore in debt from Axis Bank.

We are now fully funded in our existing business plan in FY09 and FY10. So currently, we do not need to raise any more funds,'' company Managing Director Shantanu Prakash told reporters here.

Educomp's board had, in April, approved raising 500 million dollars in the overseas market. ''That was only enabling resolution,''he said.

Mr Prakash said the Rs 700 crore debt will primarily be used for setting up new schools under its ''Millennium'' brand. It currently has about eight schools and plans to increase this to 150 by 2012.

UNI SR AK ND1706