Visesh Info to raise Rs 65 cr for BPO deal

Visesh Infotecnics, the Rs 67-crore small-and-mid segment ERP-company, which won a Rs 90-crore BPO deal from the $ 7-billion US DTH operator Echostar, will fund the project by issuing equity warrants mounting to nearly Rs 65 crore to three private-equity firms in India.

The company will issue nearly 1.25 crore warrants for an equal number of shares at Rs 52 per share, slightly less than today's closing price of Rs 55 on the BSE.

"As part of the agreement reached with Echostar, we are to set up support services for their DTH customers and this would require us to add about 1,000 seats more to the existing facility, taking the total to 1,100 seats," said Karun Jain, the company's Chief Executive.

Before the warrant-issue, the company had an equity-base of around 2.7 crore shares, giving the new investors roughly 30 per cent stake after full conversion of the warrants into shares.