At present, the equity of the Chennai-based consultancy company stands at Rs 50 lakh. The quantum of equity share will be fixed at a price mutually agreeable,'' Ma Foi Management Consultants managing director K Pandia Rajan.

The company also plans to go public with a Rs 1 crore issue at a later date. A part of funds raised will be utilised for the company's overseas operations. Ma Foi has plans to open representative offices in Dubai and Singapore, said Nirupama V G, principal consultant. Ma Foi is one of the leading executive search and HRD consulting firms with nine centres in the country.

Addressing a press conference in Bangalore on Thursday, Rajan said venture capital companies like Technical Development Investment Corporation of India (TDICI) also hasapproached Ma Foi to infuse funds in terms of equity. The company, which reported a revenue of Rs 2.72 crore last year, expects to cross a turnover of Rs 5 crore this fiscal.

Ma Foi will open a new centre in Mumbai this month and have satellite centres at Coimbatore, Kochi, Chandigarh, Bhubaneshwar, and Ahmedabad this year. It is also investing in its R&D centre at Chennai for HR & executive search to focus on developing new products and processes. Last year's investment in R&D was to the tune of Rs 15 lakh. Ma Foi expects to have sponsorships from leading corporates like Ashok Leyland and TVS to undertake the R&D programmes.