Date:11/04/2006 URL: http://www.thehindubusinessline.com/2006/04/11/stories/2006041102761500.htm

Back Visu Intl plans GDR issue to raise Rs 15 crore

Jayanta Mallick

Kolkata , April 10

Visu International is planning to issue GDRs worth around Rs 15 crore. The company's Chairman, Mr C. Chandrasekhar Reddy, told Business Line that the issue is being considered to part finance its expansion plans.

It has planned to establish a 100-per cent boarding school (from 5th to 12th grade) of "international standards" at Hyderabad.

Mr Reddy informed that it has acquired 30 acres of land for the project on the Mumbai-Hyderabad highway. The total cost of the project is estimated to be around Rs 25 crore and it is expected to be completed within a year.

The company has planned a national launch of a testing service based on software developed by its R&D centre for GRE and TOEFL. Visu already has around 40 centres in different parts of the country providing coaching for certain tests, such as TOEFL, GRE, GMAT and ILTS. These centres would be used launch of the testing service.

Mr Redddy also informed that the company was pursuing a project to set up a school in Rangoon as a joint venture with a local NRI association. Visu's financial involvement in the project is estimated to be around Rs 3 crore.

The stock has been moving up on the BSE. In the last one month, it has gained by over 28 per cent.