Kellton Tech Solutions Ltd is planning to mobilise funds through Qualified Institutional Placement (QIP).

"We are in discussions and hope to come with QIP by December this year to raise about $15 to $20 million,’’ its Managing Director and Cofounder Krishna Chintam told newspersons here on Monday. The proposed funds will be used for acquisitions and retirement of high cost debt.

Logs Rs 8.6 cr profit

The company’s consolidated net profit more than doubled at Rs 8.6 crore in the quarter ended June 30, 2015 compared to Rs 2.5 crore in the corresponding quarter of previous financial year.

The total revenue of the Hyderabad based company too increased to Rs 103 crore as against Rs 42 crore in the year-ago period.

The revenue and profit were driven primarily by the revenues from the US-based ProSoft Technology group which was acquired by Kellton recently.

The earnings per share increased to Rs 2.05 (Rs 0.71). The company’s scrip gained 7.97 per cent on the Bombay Stock Exchange on Monday and was trading at Rs 78.55 by noon.