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Our Bureau

Mumbai , March 22

IT solutions and services provider 3i Infotech hopes to mop up Rs 230 crore with an initial public offering of 2 crore equity shares and a greenshoe option of 30 lakh shares. The issue will open on March 30 and close on April 4.

The price band for the issue has been finalised at Rs 90 to Rs 100 per share of Rs 10 each, and the issue price will be determined through a book-building process.

JM Morgan Stanley Pvt Ltd and DSP Merrill Lynch are the book running lead managers to the issue; ICICI Securities Ltd is the co-book running lead manager.

The proceeds of the issue will be used to repay loans of Rs 93 crore, said Mr V. Srinivasan, Managing Director and CEO, 3i Infotech.

This would include part of short- and long-term debt worth Rs 61.13 crore and Rs 32.73 crore, respectively.

Also, 3i Infotech had issued 30 crore redeemable preference shares to ICICI Bank of Rs 5 each, aggregating Rs 150 crore on March 31, 2003, which the company proposes to redeem at par.

"More than 60 per cent of our revenues are from banking and services. We have a lot of strategic focus on the Indian market because we feel it will grow," Mr Srinivasan said.

In addition, a public trading market for the equity shares will be created, by listing them on the BSE and the NSE.

For the nine-month period ended December 31, 2004, 27 per cent of the company's total income was from ICICI Bank and some of its subsidiaries. Profit after tax for the same period was Rs 16.26 crore.

3i Infotech was formerly known as ICICI Infotech Ltd, a wholly owned subsidiary of ICICI Limited.

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