| Everonn IPO in Rs 125-140/shr band |
| BS Reporter / Mumbai June 25, 2007 |
| Chennai-based education and learning solutions company Everonn Systems India is tapping the capital markets with a public issue of Rs 50 crore. The price band has been fixed between Rs 125 and Rs 140 per share of Rs 10 each. With a current authorised capital of 16 million shares and paid-up capital of 10.28 million shares, the company will increase its issued shares by 35.71 lakh at the lower end of the IPO band and 40 lakh shares at the upper end. The company plans listings on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). The issue will open on July 5, 2007, and close on July 11, 2007. Everonn Systems has budgeted an outlay of Rs 30 crore for IT infrastructure services. Out of the IPO proceeds, the company will allocate Rs 17.25 crore towards capital expenditure for virtual and tech-enabled learning solutions, and Rs 8 crore has been earmarked for mergers and acquisitions during 2007-08, Rs 5 crore for working capital, while brand building and investments in the company |
