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Friday, July 13, 2007

Omnitech InfoSolutions IPO price band at Rs 90-105

Omnitech InfoSolutions proposes to enter the capital markets on July 19, 2007 with a public issue aggregating Rs 35 crore in the price band of Rs 90 to Rs 105 per equity share of Rs 10 each, including reservation for employees aggregating to Rs 1.75 crore.

UTI Bank is the BRLM and India Infoline is the Co-BRLM for the issue. This issue is being made through a 100% book building process wherein upto 50% of the net issue shall be allotted on a proportionate basis to qualified institutional buyers (QIBs). The equity shares are proposed to be listed on BSE and NSE.

Omnitech InfoSolutions proposes to utilize the net proceeds of the issue to fund acquisitions and strategic investments and/or to alternatively set up new technology center; to set up overseas offices for business expansion; and to enhance existing facilities.

The company offers a wide range of IT services and products such as business availability services, business continuity services, systems integration solutions, framework solutions and products. In business availability services, it provides services such as infrastructure management, application management and software testing. In business continuity services, it provides services such as disaster recovery management and disaster recovery consulting and auditing.

The Company has received sanction from MIDC for allotment of 14,161 sq. mtrs of land at Rajiv Gandhi Infotech Park, Hinjawadi, Pune.

Omnitech has a large client base across the globe in different industry segments like BFSI (Banking, Financial Services & Insurance), Manufacturing, Utilities, Services, Government bodies, etc. Its clients include amongst others, prominent companies such as HDFC Standard Life Insurance Company Limited, CRISIL Limited, WorldSoft Technologies Inc., Ami Impex Co.Ltd. and Emond bvba

To achieve the growth, the company has adopted a business strategy to enhance offerings, to expand the client base through the acquisition of new clients and to penetrate into new markets such as USA and Canada, UK, Belgium and other European countries, Japan and GCC countries. The company has total income of Rs 77.80 crore and earned PAT of Rs 11.83 crore for the year ended March 31, 2007 as against total income of Rs 54.16 crore and PAT of Rs 7.53 crore for the year ended March 31, 2006.

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