Edserv Softsystems gets board approval to raise $500 million

MUMBAI: Education and placement company Edserv Softsystems today said its board has approved raising funds up to $500 million (nearly Rs 2,300 crore) by issuing bonds and shares in international markets.

The board at its meeting held today has approved to raise funds through international capital markets by allotting American Depository Receipts (ADRs), Global Depository Receipts (GDRs) and Foreign Currency Convertible Bonds (FCCBs), Edserv Softsystems said in a filing to the BSE.

The above proposal is subject to shareholder approval. Further, the board has approved to allot 2.27 lakh convertible warrants to the company's promoters S Giridharan and G Gita, the filing said.

Shares of Edserv Softsystems today closed at Rs 215.40 on the BSE, down 0.42 per cent from previous close.