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V. Rishi Kumar

`The company has decided to raise Rs 3 crore in the first tranche.'

Hyderabad , May 4

RAM Informatics, a Hyderabad-based software services company, has bagged letter of intent (LoI) for a project to develop and deploy an e-governance citizen services application for Lucknow called eSuvidha.

The company plans to raise funds through a preferential offer to part-fund capital expenditure.

Mr Jagadeeshwara Rao, Executive Director, told Business Line that the company, which had developed the eSeva project for the Andhra Pradesh Government, was in the process of completing its deployment in 229 municipalities having over 1,000 centres by the month-end.

The eSuvidha project would be taken up on BOOT model and the services would be rendered on basis of transaction fee for the services offered.

"The company has decided to raise Rs 3 crore through a preferential offer of 30,00,000 shares in the first tranche to meet the operational and working capital expenses for this project and implementation of similar projects in other States. We are in talks with some of the States including Tamil Nadu and Karnataka but nothing has been finalised as yet."

He added that the details of the terms are yet to be worked out.

"We are in discussions with some financial institutions and would be able to complete the process of raising funds by June 2004. Since these projects require upfront investment, we have decided to come up with the preferential offer."

More Stories on : Software | Preferential Allotments

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