Edserv Softsystems to raise Rs 130 crores through QIP

EdServ Softsystems is currently in the process of raising up to Rs. 130 crore through the QIP route, the shareholder approval for which was obtained last week. The company expects to complete the entire process by the first quarter of 2010-11.

Earlier the company had taken an approval through an EGM to raise upto $500 million through various routes of funding. As part of this, the promoters of EdServ are keen to subscribe to additional shares through preferential equity warrants upto the approved limits.

EdServ achieved revenues of Rs. 15.51 crores and Net Profit of Rs 5.64 Crores for 3rd Quarter ended December 31, 2009.

The stock was trading at Rs.216.45, down by Rs.21.85 or 9.17%. The stock hit an intraday high of Rs.243 and low of Rs.210.10.

The total traded quantity was 140760 compared to 2 week average of 59355.

Source : Equity Bulls

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