Helios & Matheson chalks out expansion plans

BANGALORE: Chennai-based Helios and Matheson Information Technology Ltd. has

drawn out a plan to expand its facilities in Netcentric computing, specializing

in Intranet and Internet-based business applications and e-commerce, said

company chairman V. Ramachandran.

The expansion plan also includes establishing a digital studio for visual

computing and multimedia-based business applications, setting up offices in the

United States of America and Singapore, setting up 10 additional training

centres and the upgradation of existing infrastructure, Mr Ramachandran added.

To part finance the expansion plan, the company is entering the capital

market with a public issue of 21.63 lakh equity shares of Rs 10 each, for cash,

at a premium of Rs 40 per share, aggregating Rs 10.81 crore. The issue is lead

managed by UTI Securities Exchange Ltd. and fully underwritten. The public issue

opens on October 27 and the shares are proposed to be listed on Madras,

Hyderabad and Ahmedabad stock exchanges.