Aptech approves 100 mn overseas issue

MUMBAI, MAR 13: The board of directors of Indian computer education and software firm Aptech Ltd on Monday approved a proposal to issue American Depositary Recipts ADR or Global Depositary Receipts GDR or private placement of equity shares upto 100 million around Rs 436 crore.

In a separate statement released to the media, the company said the board of directors of the company recommended an issue of fresh equity to raise 100 million through the ADR/GDR route. It said the final approval will be done by the company8217;s shareholders at the annual general meeting of the company on April 10, 2000.

The company statement said the funds are being raised for the company8217;s expansion plans in various areas of Internet and e-commerce. quot;These include an ambitious foray into the B2B e-commerce segment, expansion of the online education business, strategic software acquisitions in USA and Europe and substantial investments in the e-architect strategy for its global software business,quot; the statement said.