KPIT InfoSystems to raise $11mn from IFC

The board of directors of KPIT InfoSystems will met on June 29, 2005, to consider and approve the proposed external commercial borrowings (ECBs).

According to a release issued by the company to the BSE today, the ECBs will be long-term loans of up to $11 million from International Finance Corporation (IFC), a member of the World Bank group.

The funds will be used for the company's expansion plans, the release added.