Binary Semantics to tap market in Sept.

NEW DELHI, JULY 16. The New Delhi based software company, Binary Semantics is planning to tap the primary capital market with a Rs. 25 crore initial public offering in September this year to finance its expansion plans.

``We would definitely go public by September-end for expanding our operations within the country and overseas," Mr. Akhil choudhary, Managing Director of binary semantics said here.

Binary which had shelved its IPO plans earlier this year following new SEBI guidelines on book-building route, would dilute up to 28 per cent of the promoter's stake following the move.

Of the Rs. 25 crore, the company would invest up to Rs. 13.5 crores for setting up additional development centres in Delhi and Gurgaon, he said. ``The company currently has development centres in Delhi and Gurgaon and is now planning to set up additional facilities in both the places," Mr. Choudhary said.``The company is looking at setting up marketing entities in Netherlands initially and in Germany and U. K thereafter in order to tap the growing market," he said.

The company is planning to acquire up to 20 per cent stake in a technology company in an attempt to make inroads into new markets overseas and is currently negotiating with two companies in U. S and Europe for the same.

- PTI

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