Business Daily from THE HINDU group of publications
Friday, Feb 22, 2008
ePaper | Mobile/PDA Version
Business Daily from THE HINDU group of publications Friday, Feb 22, 2008 ePaper | Mobile/PDA Version |
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Info-Tech
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Software Markets - IPOs Our Bureau Hyderabad, Feb. 21 Technology infrastructure services provider GSS America Infotech is set to invest Rs 66 crore in the company campus being developed near Hyderabad and Rs 10 crore for setting up overseas operations. The company, which entered capital market this month, was subscribed by about 1.7 times and the shares allotted at the lower price band of Rs 400 per share. The company scrips are slated for listing in the first week of March. Addressing a press conference here on Thursday, the Chief Executive Officer of GSS America, Mr Bhargav Marepally, said that the company was in the process of setting up offices in Singapore and expanding presence with overseas centres in Dubai and in Europe. AcquisitionsAlongside, the company, which has IPO funds of Rs 140 crore, is pursuing couple of acquisitions, he said. Referring to the company acquisition of System Dynamics, a $23 million company in cash-cum-performance-based deal in January 2008, Mr Marepally said that the company revenues would be consolidated in the fourth quarter this fiscal. During first nine months of current fiscal, the company registered revenues of Rs 204 crore with Rs 42 crore in profit. The company management said the Institute of Economic Studies has chosen them for excellence award and its CEO for Udyog Rattan Award. More Stories on : Software | IPOs
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