The committee of directors of EdServ Softsystems Ltd has decided to open the Qualified Institutional Placement (QIP) issue on July 9. According to the company, the minimum floor price for the QIP issue has been fixed at Rs 205 per share, higher than the price calculated as per SEBI (ICDR) Regulation 2009. The committee would decide on the closing date in consultation with the lead managers in due course.
The educational services company is planning to raise around Rs 80-100 crore through the QIP. Commenting on the utilisation of funds, S Giridharan, chairman and CEO, EdServ said that it would be utilised to fund the company’s investment plans in schools, its new 'lampsglow' online super store, infrastructure and branch expansion across India in the higher education and career placement segments.
Through its Vidhyadhana Academy, EdServ will implement learning management systems, school and student management systems and fun-filled learning systems with gaming solutions to achieve higher standards of student learning and performance.
The company is also aggressively tapping the online tuition and test preparation space through its portal Lampsglow.com. EdServ’s online offering includes engineering semester exam support for civil, mechanical and IT / CSE based on the syllabus of Anna University of Tamil Nadu, IIT JEE and AIEEE papers and job-oriented IT skill courses like C/C++, Java, softskills and numerical ability, he said.