The board of Ramco Systems has approved the company’s plans to raise up to ₹500 crore through issue of securities such as public offer or qualified institutions placement or private placement. This is only an “enabling resolution” and it is for future needs to retire debt and for expansion plans, said a company official.

The board also approved raising the investment limit for foreign portfolio investors beyond 24 per cent and up to 49 per cent of the paid-up capital by way of the “special resolution,” according to a company announcement to the Bombay Stock Exchange.

For the quarter ended June 30, Ramco reported a net loss ₹2.8 crore on global revenue of ₹77 crore as against a profit of ₹3 crore in the same period last year.

The loss was mainly due to increase in employee benefit expense by nearly ₹6 crore, says the results statement.

PR Venketrama Raja, Vice-Chairman and Managing Director, Ramco Systems, said “With large multinationals such as Norske Skog, Kerzner and Indian companies like Mother Dairy, we are confident of continuing the growth, in the quarters ahead,” he said in the release.

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