BANGALORE, Oct 28: The Bangalore-based Shri MM Softek Ltd is coming out with a initial public offering of 23,50,000 equity shares of Rs 10 each for cash at par. According to M M Bhat, managing director, Shri MM Softek, the company will raise a total of Rs 2.62 crore to fund its future expansion plans. Of this Rs 27 lakh is being raised by way of term loans from Karnataka Bank, he said.Out of the Rs 2.62 crore being raised a sum of Rs 2 crore has been earmarked for setting up a new export-oriented unit at the Software Technology Park of India in Electroncis City. The balance amount is being used to upgrade its existing facility in Bangalore and also to set up a full-fledged marketing office at Boston, US.
The present paid-up capital of the company stands at Rs 2.65 crore. The promoters of the company will contribute a sum of Rs 60 lakh to the IPO. Out of the balance Rs 1.75 crore the net public offering will be Rs 1.48 crore and the balance to the domestic financial institutions.
The new 3,270 sq ftfacility at STPI, according to Bhat, is slated to comence operations early next year and will focus on developing ERP products for small and medium-business establishments. E-commerce and turnkey solutions to banks, insurance companies, hospitals, museums, super markets etc will be the other areas that Shri MM Softek will concentrate on, he said.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
Printer-friendly page
