Speaking to the reporters Mr Sunil R Udupa, president & CEO said that the proceeds of the issue, among other things will go towards construction of a software development centre in the Chennai cyber corrider. The company has already acquired land at Kelambakkam in outskirts of the city for the purpose.

HSL which was recently hived off from HMA Data Systems is expected to post a turnover of over Rs 12 crore this fiscal.

Its products include EzLink, card management systems, demand draft risk management system, ATM interface software, tele banking system while its internet banking product is likely to be launched soon. It has an office in US and a set up is being put in place at London to cater to European market.

EzLINK is a middleware product which helps banks to link its various branches running on different software platforms and convert it to a homogeneous network thereby enabling it to offer services such as anywhere banking, ATMs, on-line cash management system etc.

This product has already been installed by Indian Overseas Bank in Delhi and Mumbai region while Dena Bank has inter-connected about 50 branches in 10 cities using this software. Mr Udupa added that about eight other banks will be implementing it this year. HSL is also in the process of entering into an MoU with a few major banking software companies as an OEM supplier of its middleware product. HSL, an ISO 9001 company has over 100 professionals and is the associate concern of HMA Diebold, a leading player in the ATM market.