CTEL to raise Rs 24 cr through IPO
Cambridge Technology Enterprises Limited (CTEL), a business transformations solutions and comprehensive Service-Oriented Architecture (SOA) based solutions service provider is likely to hit the capital market by year end with its maiden public off...
By PTI |
NEW DELHI: Cambridge Technology Enterprises Limited (CTEL), a business transformations solutions and comprehensive Service-Oriented Architecture (SOA) based solutions service provider is likely to hit the capital market by year end with its maiden public offering to raise Rs 24 crore to part fund its expansion plans.
"We filed a Draft Red Herring Prospectus in first week of June and are waiting for Sebi clearence. We would, if we get the clearence, hit the market with our IPO by December," CTEL's Cheif Financial Officer Y Ramesh Reddy said.
The company is planning to invest about Rs 31 crore, most of which would be raised by the IPO, for strategic acquisitions, enhance global collaboration, infrastructure and establishing SOA competency centres.
"We have Rs 15.5 crore for acquisitions. We are looking at companies who have strong capabilities in oracle technology," Reddy said adding the company is going to spend around Rs 4 crore for expanding their Hyderabad facility, while Rs one crore would be spent on enhancing competency centre in Hyderabad and opening a new one in the US.
Ramesh also said plans are afoot to open branches in more cities in India and to increasing the existing headcount.
"We filed a Draft Red Herring Prospectus in first week of June and are waiting for Sebi clearence. We would, if we get the clearence, hit the market with our IPO by December," CTEL's Cheif Financial Officer Y Ramesh Reddy said.
The company is planning to invest about Rs 31 crore, most of which would be raised by the IPO, for strategic acquisitions, enhance global collaboration, infrastructure and establishing SOA competency centres.
"We have Rs 15.5 crore for acquisitions. We are looking at companies who have strong capabilities in oracle technology," Reddy said adding the company is going to spend around Rs 4 crore for expanding their Hyderabad facility, while Rs one crore would be spent on enhancing competency centre in Hyderabad and opening a new one in the US.
Ramesh also said plans are afoot to open branches in more cities in India and to increasing the existing headcount.
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