$25 million to be raised by Edserv for expansion
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$25 million to be raised by Edserv for expansion

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EdServ Software has announced its plan of raising to raise $25 million through Global Depository Receipts or Foreign Currency Convertible Bonds. The education and the placement company EdServe plans the former to fund its expansion in the school and online tuition services markets. EdServ Softsystems Chairman and CEO S Giridharan mentioned that the funds shall be utilised for expansion in the schools segment, online tuition services market, content development and infrastructure expansion. He added, that the Chennai-based firm will also use the funds for expanding its presence in the higher education and career placement segments. The fund-raising process is subject to shareholders approval at the EGM (Extra-Ordinary General meeting) to be held in Chennai on January 11, 2010. EdServ wants to extend its presence to 250 schools over the next 12-18 months from the current 50 schools.

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