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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (9721)	11/22/1999 10:30:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

STG to launch IPO on Dec 9 22-11-1999 16:49:50 Indian software training and development firm Software Technology Group International Ltd (STG) will launch its initial public offering (IPO) on December 9, the firm said today. "STG is entering the capital market with a public issue of 3,187,500 equity shares of Rs10 each for cash at a premium of Rs56 per share aggregating Rs210.38mn ($4.85mn)," the company statement said. The funds are being raised mainly for the expansion of STG's Software Development Division, it said. The company plans to set up offices in U.K. and Australia and an offshore software development center and corporate office near Delhi. It also plans to establish training centers in three cities in western India, besides expanding its franchise network in India and abroad. The firm has forecast a net profit of Rs50 mn on a turnover of Rs338.4mn in 1999/2000 (April-March). The statement said the company proposes to list its equity shares on the Bombay and New Delhi stock exchanges. STG is among a clutch of Indian information technology firms that have approached capital markets to tap investor funds through IPOs in the last couple of months.