Visesh plans IPO

BANGALORE: Bangalore-based Visesh Infosystems Ltd. plans to raise Rs 15 crore

through an initial public offering (IPO) in November. Visesh will use the

proceeds to establish an offshore development centre cum back office centre in

Gurgaon, which will entail an investment of Rs 8.75 crore. The company also

plans to establish software development and marketing centres in Canada and the

US at a cost of Rs 4.5 crore. Medical transcription and education centres in New

Delhi, Mumbai, Hyderabad and Chennai will cost the company another Rs 1.60 crore.

Visesh Infosystems has reported a net profit of Rs 1.74 crore on an income of

Rs 7.68 crore for the nine-month period ended June 30, 1999. Visesh Infosystems

joint managing director and CEO G.S. Maheshwari has established an advisory

panel to assist the company in future expansion. The panel includes Professor

Multimedia Information Networking Victoria University Australia Dr. Nalin K.

Sharda, Bharti Telesoft Ltd. India CEO S.S. Sinha and Compaq Computer Corp.

technical director Anil Kapoor.