Business Daily from THE HINDU group of publications
Friday, Jul 13, 2007
ePaper
Business Daily from THE HINDU group of publications Friday, Jul 13, 2007 ePaper |
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Markets
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IPOs
Our Bureau Mumbai, July 12 Omnitech Infosystems Ltd, an IT services and products firm, proposes to enter the capital market to raise about Rs 35 crore. The company will issue about 35.3 lakh equity shares at the upper end of the price band of Rs 90-105 per equity share. Omnitech will spend about Rs 20 crore for acquiring companies in the areas of software testing and infrastructure management, said Mr Atul Hemani, Managing Director. The remaining amount will be spent in setting up overseas offices and enhancing the company’s infrastructure, he added. The issue opens on July 19 and closes on July 25. Up to 50 per cent of the net issue shall be allotted on a proportionate basis to qualified institutional buyers. Further, 15 per cent of the net issue shall be available for allocation on a proportionate basis to non-institutional bidders, while 35 per cent to the public shall be available for allocation on a proportionate basis to retail bidders. The company recorded revenues of Rs 77.80 crore and net profit of Rs 11.83 crore for the year ended March 31 against revenues of Rs 54.16 crore and net profit of Rs 7.53 crore in the previous year. Omnitech services clients in various segments such as BFSI, manufacturing, utilities, services and Government. It derives 50-55 per cent revenues from the US. UTI Bank Ltd and India Infoline Ltd are the book running lead managers for the public issue.
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