Date:23/03/2006 URL: http://www.thehindubusinessline.com/2006/03/23/stories/2006032302031500.htm

Back R Systems price band at Rs 210-250

Our Bureau

Mumbai , March 22

R Systems International Ltd, providers of outsourced and offshore product development services, is coming out with an IPO of 44.08 lakh equity shares of Rs 10 each through a 100-per cent book building process. The issue opens on March 28 and closes on March 31.

The price band has been fixed between Rs 210 and Rs 250.

The company proposes to raise Rs 110 crore from the issue, of which, Rs 10 crore will be used for clearance of debts and the rest for the expansion of existing infrastructure at Noida, Pune and Chennai.

The offer comprises a fresh issue of 28.25 lakh equity shares by R Systems and an offer for sale of 15.83 lakh equity shares of Rs 10 each by equity holders who are selling their shares.

The company proposes to reserve 4.40 lakh shares for employees, while the public can subscribe to 39.68 lakh equity shares.

R Systems has five delivery centres in India, the US and Singapore. The company's spheres are banking and finance, high technology and Internet services, manufacturing and logistics companies and public sector.