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Chennai, July 24 Ramco Systems Ltd plans to raise Rs 173 crore through a right issue by offering 2.3 crore shares of Rs 10 face value. The funds are to be raised to reduce the borrowings and for working capital. As on March 31, 2008, the company’s borrowings were Rs 130 crore.

The company’s Chief Financial Officer, Mr K. Ramachandran, said the funds would also be used for research and development, and for marketing Ramco’s ‘ERP (enterprise resource planning) on Demand’ product.

The rights issue will be at Rs 75 per share, including a premium of Rs 65 per share, to be offered in ratio of 3:2 (three rights equity shares for every two equity shares held).

The company’s board at its meeting on Wednesday approved the rights issue.

The board has also constituted a committee and delegated the necessary powers to the committee to decide about the modalities of the rights issue.

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