Jan 05, 2010
Mumbai: Infinite Computer Solutions has come up with a public issue of equity shares to mop up around Rs 190 crore at the upper end of the price band of Rs 155-Rs 165 a share.
The issue opens for subscription on January 11 and closes on January 13.
Mr Upinder Zutshi, MD of Infinite Computer Solutions, at a press conference in Mumbai on Tuesday
The proceeds of the issue will be used for inorganic growth activity, repaying debt and for capital expenditure requirements, said Mr Upinder Zutshi, Chief Executive Officer of the software solutions company.
Infinite is planning to acquire IT companies in the telecommunications space, he added.
The 1.15 crore shares on offer consist of a fresh issue of 57.3 lakh equity shares and an offer for sale of 57.7 lakh shares. The issue will constitute 26.17 per cent of the fully-diluted post-issue paid-up capital. Up to 50 per cent of the issue will be allocated on a proportionate basis to qualified institutional buyers (QIBs). Further, the company may allocate up to 30 per cent of the QIB portion to anchor investors on a discretionary basis, out of which at least one-third will be available for allocation to domestic mutual funds. Further, 5 per cent of the net QIB portion will be available for allocation on a proportionate basis to mutual funds only.
(This article was published in the Business Line print edition dated January 6, 2010)