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Paul Noronha

Writing new script: Mr Ketan Sheth, Chairman, IT People (India) Ltd, at a press conference to announce the company’s IPO in Mumbai on Tuesday. –

Our Bureau

Mumbai, Aug. 21 IT People (India) Ltd, a provider of human capital solutions to the IT/ITES industry, is coming out with a follow-on public issue to raise around Rs 45.25 crore.

The company intends to raise funds for bettering its technology infrastructure, expanding business and to buy/lease office space. Equity shares aggregating to Rs 2.26 crore have been reserved for eligible employees of the company while shares aggregating to Rs 4.52 crore have been reserved for shareholders of group companies. The net issue to the public aggregates to Rs.38.46 crores. IT People services clients such as Wipro, KPMG, and Hexaware.

The issue opens for subscription on August 27 and closes on August 31.

The company’s shares are currently listed on the BSE and the newly issued shares will also be listed on the BSE post the offer, said a communication from the company. The IT People stock was down 1.34 per cent to close at Rs 132.8 on the BSE today.

Khandwala Securities Ltd and Religare Securities Ltd are the book running lead managers to the issue.

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