07 Dec 2009 EdServ to raise USD 25 million
Education and placement company, EdServ SoftSystems plans to raise $25 million through a GDR/FCCB issue, which will be used to fund the company’s plans to expand its presence across India in the higher education and career placement segments.
The funds will also be used to fund the company’s plans in the schools segment and online tuition services market, for upgrading the learning nanagement system to include institutions management systems, for content development and expanding infrastructure.
The fund-raising process is subject to the shareholder approval at the EGM (Extra-Ordinary General meeting) which will be held in Chennai on 11th January 2010. The GDR/FCCB issue is expected to be completed by the first quarter of next year.
The company, through its Vidhyadhana academy of excellence, plans to expand its presence into 250 Edschools over the next 12 to 18 months. Edserv Chairman and CEO, S Giridharan said it has already got over 50 schools, across Tamil Nadu, to sign up under the school model and it is expected to roll out the academy programme early next year.