Four Soft files for IPO

BANGALORE: Four Soft Limited, engaged in the business of product development and sale of web-centric Enterprise Wide Solutions for the Supply Chain services industry, is raising close to Rs 20 crore through a Initial Public Offer (IPO) route in December 2003. The company has already filed a draft prospectus to this effect with SEBI.

Four Soft Limited is making a public issue of 79,50,000 equity shares of Rs 5 each for cash at a premium of Rs 20 per share aggregating Rs 19.875 crore. The company’s paid up equity share capital would increase from the current Rs 11.89 crore to Rs 15.86 crore after the equity issue.

UTI Securities Limited is the Lead Manager to the issue, while Karvy Consultants Limited is the Registrar to the issue. The equity shares are proposed to be listed on the Mumbai Stock Exchange and the National Stock Exchange of India.

The proceeds of the issue would be utilized in the setting up of an international marketing network, to fund its inorganic growth initiatives, to expand the company’s existing facilities and to meet its product development and R&D expenses.

© Reuters