Through the offering, which closed on Thursday, the Pune-based Kale Consultants offered 31,87,500 equity shares at a premium of Rs 110 per share, aggregating Rs 38.25 crore. The application money was fixed at Rs 40 per share for market lots of 50 shares.

The issue is lead managed by DSP Merrill Lynch, and I-Sec was the co-manager to the issue. The company's shares are scheduled to be listed on the Mumbai and Pune stock exchanges.

According to market sources, the final tally is expected to be higher than the initial figure, as in any public offering more than 70 per cent of the collection comes on the last day of the issue. Apart from retail investors, many banks and finance companies had also lined up their resources to finance the issue.

The main objectives of the issue are to augment the working-capital need, to finance investment in overseas subsidiaries and operations, to prepay loans, and to finance the cost of strengthening the company's infrastructure. While the total fund requirement was put at Rs 38.25 crore, the whole is being met through the initial public offering route.

Kale Consultants is engaged in software product development and support services in two niche areas in the information-technology industry--banking and airlines. Its new area of operation is the hospitality and healthcare segment.