Chennai based Education and Placement company EdServ has announced the completion of fund raising including the closure of the QIP issue. The companys QIP committee which met today announced the QIP closure.
As part of the `.130 Cr expansion project, the company has raised `.108 Cr that includes `.61 Cr by QIP apart from `.47 Cr through the issue of equity warrants and preferential equity. The balance of the project cost shall be funded through internal accruals.
The QIP investors include a mix of Domestic and Foreign Institutional Investors (FII). The allotment of about 30 lakh shares relating to the QIP issue is expected to be completed within the next 30 days.
S. Giridharan, Chairman & CEO of EdServ said, With the successful completion of QIP and the overall fund raising of `.108 Cr, we are on track on our target for the year FY 10-11. The fund raised shall be utilized as planned for our Vidhyadhana school business and also for our LAMPSGLOW.com next generation web super store for Cradle to Career solutions apart from the aggressive campaign to reach and spread Pan India.
EdServ has ended FY 09-10 with revenues of `.52 Cr with the PAT of `.18 Cr.