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Taksheel public issue opens today

Our Bureau Hyderabad Sept 28 | Updated on September 28, 2011 Published on September 28, 2011

Company looking at overseas buy next fiscal

IT solutions company Taksheel Solutions, which provides services for wealth management and telecom firms, will be making a Rs 22 crore overseas acquisition next fiscal.

The company, which is coming out with an IPO of 55 lakh equity shares from September 29 in the price band of Rs 130 to Rs 150 a share, will be utilising part of the IPO proceeds to fund the acquisition.

“We are looking for a company in our line of business that can complement our services,” Mr Pavan Kumar Kuchana, Chairman and Managing Director, told media persons here on Monday.

The Hyderabad-headquartered company, which has offices in New Jersey and Singapore, is also in the process of setting up development centres in Hyderabad and Warangal with an investment of about Rs 17 crore.

“We propose to take 20,000 sq feet for setting up the Hyderabad facility with an additional seating capacity of 200 resources,” he said.

Taksheel, which clocked a turnover of Rs 147.26 crore last fiscal, has recently forayed into services such as telecom signalling and least cost routing system, expects revenues from this business to significantly add to its turnover from the next fiscal.

The company also feels that the wealth management services market will see significant growth. “The global wealth management IT spending by retail banks, brokerages and insurance companies in 2009 totalled $ 3.7 billion. This year, we see the spending increase by five to 20 per cent,” according to Mr Kuchana.

Published on September 28, 2011
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