Business Daily from THE HINDU group of publications
Wednesday, Aug 30, 2006
Business Daily from THE HINDU group of publications Wednesday, Aug 30, 2006 |
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Markets
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IPOs Info-Tech - Software Our Bureau
New Delhi , Aug 29 Hyderabad-based Cambridge Technology Enterprises Ltd (CTEL) plans to raise Rs 24 crore from the capital market to part finance expansion plans. "We have filed the draft prospectus with SEBI and are waiting for clearances to be listed on Bombay Stock Exchange and NSE. We plan a fixed price issue to raise Rs 24 crore from the market," said Mr Y. Ramesh Reddy, Chief Financial Officer, CTEL. The company plans to invest about Rs 31 crore for its expansion, a part of which would be arranged through UTI Bank. It has earmarked Rs 15.5 crore for "strategic acquisitions" while the rest of the investment would go to strengthen its competency centres in India and the US, enhancing infrastructure for its `Global Delivery Centre' and building a reusable services library.
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