TDICI, the venture capital arm of ICICI, has picked up a 33 per cent stake in Value Software Technologies, a city-based information technology company that specialises in banking software.
TDICI had subscribed to the cumulative, convertible preference shares issued by Value Software and converted the same to equity recently. The conversion was at a premium of Rs 4 per share for every Rs 10 share.
Value Software's equity base is Rs 2.06 crore and it reported a turnover of Rs 7.9 crore for the year to March 1999. Its profit for the period was Rs 2 crore. For the current year, the company has projected a Rs 10 crore turnover and a conservative 10 per cent growth in profits.
More From This Section
Indira Jagan, director operations, Value Software, said a 50-50 joint venture in Europe and a fully-owned subsidiaries in the US have been set up recently. "We expect maximum growth in 2000-2001 when the two off-shore ventures start performing at optimum levels," she told Business Standard.
Value Software, is largely into banking and insurance software. "We will be focused on this area and 80 per cent of our revenues will be from this business," Jagan says.
While the domestic business will be product-driven, the overseas operations will be more project oriented.
Within the banking and insurance domain, th