Ramco Systems plans to raise Rs 123 crore from rights issue

IT services company Ramco Systems on Thursday said it aims to raise over Rs 123 crore by offering shares to existing investors.

The company will offer about 79.58 lakh shares through the rights issue in a ratio of one equity share for every two held as of the record date of April 23.

Each share with a face value of Rs 10 will be offered at Rs 155, Ramco said in a filing to the BSE. The rights issue will open on May 5 and close on May 19.

The issue closing date may be extended provided the offer period does not exceed 30 days, it said.

The Chennai-based company is increasing focus on enterprise cloud platform, products and services as well as increasing its marketing presence globally.

Shares of Ramco Systems closed at Rs 190.10 on the BSE, down 3.13 per cent.