ICICI Infotech is planning to tap the capital markets by way of an initial public offering (IPO), and has changed its name to 3i Infotech as part of its strategy to project itself as a global technology company."We are aspiring to be a big company and are planning to tap the capital markets to raise funds. The IPO would help in getting further equity," ICICI Infotech MD and CEO V Srinivasan said today.The company had convened an extraordinary general body meeting on January 18, and has received shareholders' approval for the IPO, he added.The modalities of the IPO, including the number of shares to offer, equity to be raised and appointment of lead managers for the issue, are yet to be finalised, Srinivasan said.While ICICI venture funds hold about 64% in the IT company, ICICI Bank holds 29% and Emirates Financial Services controls the remaining 7%.The company, which posted a net profit of Rs 11.9 crore in FY04, has 2,150 employees on its rolls.
