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Everonn Systems to tap market

Corporate Reporter

— Photo: Bijoy Ghosh

LEARNING INITIATIVES: P. Kishore (right), Managing Director, Everonn Systems India, and Susha John, Director, at a press conference in Chennai on Saturday.

CHENNAI: The Chennai-based Everonn Systems India, a fully integrated knowledge management, education and learning solutions company, has embarked on an expansion plan.

Addressing presspersons here on Saturday, P. Kishore, Managing Director, said the company’s business model was driven by two strategic business units — institutional education infrastructure services (IEIS) and virtual and technology enabled learning solutions (ViTELS).

He said the company was a service provider for several State governments. It extended its presence in eight States covering over 1,900 institutions and trained over a million students. The company was planning to expand its operations close to 1,000 schools every year.

He said the company had earmarked Rs. 30 crore for IT infrastructure services and Rs. 17.25 crore towards capital expenditure for ViTELS.

To fund the expansion schemes, the company is entering the capital market with a public issue through the book building process. The price band has been fixed at Rs. 125-140. The issue opens on July 5 and closes on July 11. Part of the funds would be utilised towards brand building, funding for proposed mergers and acquisitions and to invest in the proposed subsidiary. India China Pre IPO Equity (Mauritius) Ltd., a company managed by ST Asset Management, a leading fund management company, had recently invested Rs. 14.06 crore in the company.

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