Mumbai, Aug 21 (UNI) IT People is entering the capital market on August 27 with its follow-on public issue of equity share of Rs two each for cash, which aggregates at Rs 45.25 crore.
The equity shares, aggregating at Rs 2.26 crore, have been reserved for the eligible employees of the Company and the equity shares aggregating at Rs 4.52 crore have been reserved for the Company shareholders. The net issue to public aggregates at Rs 38.46 crore. The issue closes on August 31.
IT People Chief Managing Director Ketan Sheth told reporters here today that, ''The objective of the issue is technology infrastructure and product enhancement, marketing and business expansion, buying or leasing of office premises, long-term working capital and meeting the expenses of the issue.'' ''IT People plans to capitalize on its existing brand equity and the fast changing dynamics of the IT sector. IT People has signed a MoU with Dubai Outsource Zone to become its exclusive authorised partners for promoting and marketing the zone in India, which is the world's first ''Free Zone'' for outsourcing,'' Mr Sheth added.
IT People Vice Chairman Adi Cooper informed that, ''The Company's business strategy will focus on continued emphasis on innovation and customization of its products and services as well as enhancement and diversification of its advertising revenue streams.
The Company has a blue chip clientele including Emirates Airlines, National Bank of Dubai and Wipro among others.'' UNI
The equity shares, aggregating at Rs 2.26 crore, have been reserved for the eligible employees of the Company and the equity shares aggregating at Rs 4.52 crore have been reserved for the Company shareholders. The net issue to public aggregates at Rs 38.46 crore. The issue closes on August 31.
IT People Chief Managing Director Ketan Sheth told reporters here today that, ''The objective of the issue is technology infrastructure and product enhancement, marketing and business expansion, buying or leasing of office premises, long-term working capital and meeting the expenses of the issue.'' ''IT People plans to capitalize on its existing brand equity and the fast changing dynamics of the IT sector. IT People has signed a MoU with Dubai Outsource Zone to become its exclusive authorised partners for promoting and marketing the zone in India, which is the world's first ''Free Zone'' for outsourcing,'' Mr Sheth added.
IT People Vice Chairman Adi Cooper informed that, ''The Company's business strategy will focus on continued emphasis on innovation and customization of its products and services as well as enhancement and diversification of its advertising revenue streams.
The Company has a blue chip clientele including Emirates Airlines, National Bank of Dubai and Wipro among others.'' UNI
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