One Point One Solutions, a provider of Business Process Management (BPM) solutions, said it’s board has approved the preferential issue of 73,78,911 equity shares at ₹16.47 per share to raise ₹12.15 crore.
Out of this 6,00,000 shares would be issued to the promoter and remaining 67,78,911 to group of investors classified as non-promoters.
The company said it has also set up wholly-owned subsidiary in the U.S. named as “One Point One USA Inc.” in Delaware with an initial investment of $5,00,000.
Akshay Chhabra, Managing Director, One Point One Solutions said, “The successful closing of preferential issue of up to ₹12.15 crore from promoters and investors is a reiteration of investor confidence in our company.”
“We will utilise the proceeds from the preferential issue to fund long term capital requirement of the company including investment in the overseas subsidiary to expand the business,” he added.
One Point One USA Inc. will undertake business development of the parent company’s products and services in the North America market.
