NTrust plans $10 mn to fund expansion

IT services company NTrust Infotech plans to raise up to $10 million via the private equity route over the next six to eight months. The Chennai-headquartered firm, which offers niche services in real estate asset management, is raising the money to fund expansion plans.

"We are diluting between 10-15 per cent of our equity over a six to eight month period to raise between $8-10 million through a private float," said Srikanth Ramachandran, NTrust President & CEO. The company will look at established consortiums as strategic shareholders.

Following the successful completion of its expansion and consolidation plans, NTrust will also file for an initial public offering within the next four years said Ramachandran. The company will add another 150 people to its 230-strong Chennai facility within the next four months and expects to employ 1,500-2,000 people out of Chennai over the next 3 years.