Financial Daily from THE HINDU group of publications
Friday, Jan 28, 2005
Financial Daily from THE HINDU group of publications Friday, Jan 28, 2005 |
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Info-Tech
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Software ICICI Infotech is now 3i Infotech Our Bureau
Mumbai , Jan. 27 SHAREHOLDERS of ICICI Infotech Ltd, at an EGM last week, approved an increase in the company's capital through an initial public offer and also gave their consent to changing the company's name to 3i Infotech Ltd. "This change of name has been done to create an independent brand identity for the company as a technology entity," said the company CEO and Managing Director, Mr V. Srinivasan. No other details about the IPO were provided. Though ICICI Infotech has transformed itself from being ICICI Bank's back-office to a global technology company, the name would suggest that it primarily does work for ICICI Bank, which contributes less than 30 per cent of the company's revenues, he said. As to whether this was being done preparatory to major disinvestments in the company and, perhaps, an eventual change of promoter too, he said this was not so. "We could not have continued with a banking brand name," he said. 3i stands for Innovation, Insight and Integrity, said a company statement. The company provides technology solutions to the banking, insurance and other sectors. ICICI Bank currently holds less than 30 per cent stake in 3i Infotech; ICICI Ventures holds a stake of around 63 per cent; and the rest of the stake in the company is owned by Emirates Financial Services. The company has also inducted Mr Vincent Addonisio as a director. An MBA from Georgia Tech University and a Certified Public Accountant who has been associated with the information technology industry in the US for over a decade, Mr Vincent has also handled several M&A transactions.
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