Chennai-based IT firm Ramco Systems on Thursday said it has raised about Rs 325 crore or $ 52 million to help cut a substantial portion of its debt.
“The infusion, raised through Qualified Institutional Placements (QIP), is aimed at retiring a substantial portion of debts supporting operational expenses to attract the right talent and enhancing marketing efforts in global markets,” Ramco said in a statement.
Global and domestic institutional players have picked up stake in the company through the QIP, it added.
HDFC Mutual Fund, Amansa Holdings, Goldman Sachs, Jo Hambro, Axis MF are some of the institutional investors, who have invested in the company.
Post QIP, public shareholding of Ramco shares has increased from 30.9 per cent to 42.9 per cent.
“Globally, cloud companies are getting good valuation...India is slowly moving towards differentiating product from services-led software business,” said Ramco Systems vice chairman and managing director P. R. Venketrama Raja.
The company’s shares closed 2.24 per cent lower at Rs. 588.50 per scrip on the BSE.
