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Bangalore, March 20

Powersoft Global Solutions Ltd, an IT services firm, is coming out with a follow-on public offering to raise Rs 11.88 crore. The company is issuing 54 lakh shares of Rs 10 each at a premium of Rs 12 per share and expects to use the proceeds to fund its acquisition plans, set up an R&D centre, upgrade infrastructure and meet working capital requirements. The issue opens on March 23 and closes on March 29, said a company press release. The equity shares of PGSL are currently listed on the Bangalore, Ahmedabad and Chennai stock exchanges. The shares that will be offered as part of the follow-on offering along with the existing shares will also be listed on the Bombay Stock Exchange, the release said.

(This article was published in the Business Line print edition dated March 22, 2006)
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