Teledata raises $8 m via GDR

CIOL Bureau
Updated On
New Update

MUMBAI: Chennai-based Teledata Informatics Ltd has raised a sum of $8 million through GDR issue. The issue was fully subscribed and the GDR has been listed on the Luxembourg Stock Exchange.

According to the Teledata managing director K Padmanabhan, the company plans to use proceeds from the GDR to acquire few companies across the globe specializing in Enterprising Resources Planning (ERP), CRM, supply chain management and utility management. This is aimed at expanding the company service portfolio.

With the US market widening its scope and more demands picking up for services and BPO sector from this region, the company is looking into the services sector and the utility sector as potential growth prospects in the years to come.

"Now that we have enough funds in hands we can go for expansion in the companies that will have domain expertise," Padmanabhan said.

The company has registered 361 percent rise in net profit for the quarter ended June 2004, up from Rs 2.38 crore during the same quarter last year to Rs 10.97 crore. Net sales grew 570 percent to Rs 44.98 crore.

The company has presence in 10 countries including the Netherlands, Greece, Cyprus, Thailand, Singapore and the USA.