Geometric Solutions plans IPO

MUMBAI, JANUARY 18: Geometric Software Solutions Company Ltd has said it will raise Rs 39.30 crore via the capital market with a public offer of 13,10,000 equity shares of Rs 10 each for cash at a premium of Rs 290 per share to finance a software development facility near Pune.Out of this, the new equity comprises of 3,10,000 aggregating Rs 9.30 crore and the remaining Rs 30 crore, offer for sale of 10 lakh shares by three of the existing shareholders.

The issue opens for subscription from January 28 and closes on February 2, 2000 and the paid up capital of the company after the issue excluding employee stock options would stand at 52,35,000 shares against the existing 49,25,000 shares. quot;The proceeds of the issue will be used for setting up the facility at Pune information technology park Rs 14 crore and normal capital expenditure for hardware and software upgradation Rs 3.5 crore,quot; said Manu Parpia, MD of the company.