SSI posts impressive results

SSI has achieved a revenue of Rs. 214.35 crores in the year ended June 30, 2000 against Rs. 87.60 crores in the corresponding period in 1999. The net profit rose more than trebled to Rs. 56.93 crores from Rs. 18.07 crores, according to a company release. The directors have recommended a dividend of 40 per cent.

During the fiscal, the company realised a profit of Rs. 147 lakhs from the sale of products namely TESA, SecuraTrade and SecuraExchange to the joint venture company Indigo Markets formed with NASD.

In January 2000, the company acquired majority stake in Agenda Netmarketing, an Internet solution for a consideration of Rs. 360.48 lakhs. The 55:45 venture with NASD of the U. S, Indigo Markets will provide world class solutions in the securities segment to stock exchanges across the world besides powering Nasdaq's global expansion plans.

The company acquired Inndsoft Systekh in January for a consideration of Rs. 315.03 lakhs.

To fund its expansion plans, SSI went with a $100 million global depository shares offering in March this year. This offering received strong interest from over 150 global investors and was oversubscribed by 15 times. The shares were placed at $14.4 and 69.44 lakh GDS were offered for placement. Each GDS representing one tenth of one share of the common stock par value.

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