The Hindu : Business : EdServ plans $25 m GDR issue

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Tuesday, Dec 08, 2009
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EdServ plans $25 m GDR issue

Special Correspondent

The fund-raising exercise is expected to complete by the first quarter of next year

CHENNAI: Education and placement company EdServ SoftSystems (EdServ) is planning to raise $25 million through a GDR (global depository receipt)/FCCB (foreign currency convertible bond) issue.

It has convened an extra-ordinary general meeting here on January 11 to get shareholders nod for the fund-raising exercise, which is expected to complete by the first quarter of next year, according to a company release.

The issue proceeds will be utilised to part-fund expansion in the schools’ segment and in the online tuition services market besides upgrading the learning management system to include institutions management systems and develop content, the release says. “We have expanded our online tuition services to now include engineering students as well. Our plan is to invest significantly in building a huge tutor base across the country in this market,” the release quoted company Chairman and CEO S. Giridharan as saying.

“Our plan is also to expand our presence in the higher education segment, where we provide academic performance support to colleges. We plan to upgrade our learning management system tool to accommodate school and college management systems. Our target is to partner with leading universities and to have a strong pan India presence in the next 12 months,” the release further quoted him as saying.

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