Taksheel Solutions, engaged in wealth management and telecom solutions, is planning overseas acquisition next financial year.

The company has earmarked Rs.22 crore for the purpose and announced its initial public offering for raising funds.

The initial public offer (IPO) of 55 lakh equity shares with a price band of Rs.130-150 per share will open on Thursday and close on October 4. The offering will consist of 25.17 per cent of the post-issue paid-up capital.

Taksheel is on the look out for acquiring company that could complement its services, according to its Chairman and Managing Director Pavan Kumar Kuchana.

Development centres

The Hyderabad-headquartered firm with offices in New Jersey and Singapore, was in the process of setting up software development centres in Hyderabad (12,000 sft) and Warangal (45,000 sft) with an investment of over Rs. 17 crore, he told reporters on Wednesday.

Taksheel recorded revenues of Rs.147 crore last year, made foray into telecom signalling and least cost routing system and expected significant revenues from the new field during the current financial year adding to its overall turnover.