NEW DELHI: Knowledge Based Outsourcing (KPO) firm eClerx Services is planning to raise Rs 101 crore through Initial Public Offer to fund its acquisitions and other expansion plans.
"We are intending to utilise the proceeds of the issue to fund acquisitions and strategic initiatives. As part of our growth strategy, we will continue to selectively consider acquisitions that would expand the scope of our existing services, add new clients and allow us to enter new geographical markets," eClerx's Director Anjan Malik told reporters here.
The Mumbai-based company will bring out its initial public offering of equity shares of Rs 10 each at a price to be decided through a 100 per cent book-building.
The company has three centres in Mumbai and the fourth centre is coming up in the Pune Special Economic Zone.
"In the next couple of months, the Pune facility will be operational. This facility would accommodate about 800-900 people," Malik added.
The price band has been fixed between Rs 270-315 per equity share. The issue opens on December 4 and closes on December 7.
The issue comprises a fresh issue of equity shares and an offer for sale by its existing shareholders, P D Mundhra, Anjan Malik and Burwood Ventures Ltd of 8,90,000 equity shares.
The proceeds of the issue will be used to fund acquisitions, make infrastructure investments, set up additional facilities and avail of listing benefits.
Rating agency Crisil had assigned '3/5 grade' to the IPO, indicating average fundamentals.
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