Although the company is actively looking at a Nasdaq listing, it is yet to take a final decision on whether it should go for an ADR float or raise the funds via a Global Depository Receipts (GDR) issue.

Aptech, which is eyeing a US software firm for acquisition, will seek shareholders nod shortly to decide the timing and total size of the issue.When contacted a top Aptech official said, "the proposed ADR/GDR float is expected to help retain the employees in our overseas subsidiaries".

The company will soon finalise a merchant banker for the fund raising programme and is expected to utilise the funds for expanding overseas and domestic operations in a big way.

"We are likelyto close a deal within a couple of months to acquire the US-based software company", the official added. Aptech has earmarked $20 million for the acquisition of atleast two US software firms. The company may also expand its manpower to 750 from the present 394 in a phased manner.

Recently, the board of directors decided to issue 5.5 lakh warrants (about 5 per cent of the total equity) to senior and middle level employees as stock options. About 200 employees would be entitled to get the Esop under the new scheme. With this, the company would cover a total of 240 employees under the Esop scheme.

"Having set up branches in over 28 countries, Aptech will move to another 12 countries in a phased manner. The global expansion programme will help us put up another 100 centres abroad from the present 55 units", the official added.

Aptech had clocked a 51.48 per cent surge in net profit to Rs 51.08 crore (Rs 33.72 crore) during 1999.