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Ramco Systems’ stocks gained nearly 9 per cent on Monday to close at Rs 77.35, up Rs 6.35 a share over the previous day’s closing price on the BSE.
The increase has been attributed to a market buzz that the company is in the radar of a top-three Indian software company for acquisition.
However, the Chennai-based software company denied this rumour. “Any rumours surrounding the stake-sale are baseless and we are committed to the future of the company,” said a statement from the company.
The company has been growing its Cloud footprint and adding marquee clients globally.
The business outlook for Cloud-based enterprise applications looks positive and “we are geared to play a big role in the global cloud space.
We are in the process of coming out with a rights issue to fund our next phase of growth,” the statement said.
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