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Wednesday, August 30, 2006

Cambridge Technology to raise Rs 24cr through IPO

Cambridge Technology Enterprises, CTEL, a business transformations solutions and comprehensive Service-Oriented Architecture, SOA based solutions service provider is likely to hit the capital market by year end with its maiden public offering to raise Rs 24 crore (Rs 240 million) to part fund its expansion plans, reports The Economic Times.

"We filed a draft red herring prospectus in first week of June and are waiting for Sebi clearance. We would, if we get the clearance, hit the market with our IPO by December," CTEL's chief financial officer Y Ramesh Reddy said.

The company is planning to invest about Rs 31 crore (Rs 310 million), most of which would be raised by the IPO, for strategic acquisitions, enhance global collaboration, infrastructure and establishing SOA competency centres.

"We have Rs 15.5 crore (Rs 155 million) for acquisitions. We are looking at companies who have strong capabilities in oracle technology," Reddy said adding the company is going to spend around Rs 4 crore (Rs 40 million) for expanding their Hyderabad facility, while Rs one-crore would be spent on enhancing competency centre in Hyderabad and opening a new one in the US.

Ramesh also said plans are afoot to open branches in more cities in India and to increasing the existing headcount.

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