Corporate Updates

INR 130 crore gathered for expansion by EdServ Softsystems

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EdServ Softsystems, an education and placement services company on Monday said it has raised INR 130 crore for its Pan-India expansion. Recently an issuance of INR 10 crore worth or equity warrants to a leading newspaper 'Dainik Jagran', was approved in a meeting of the audit committee of the company. 

S Giridharan, EdServ Chairman and CEO mentioned that INR 130 crore fund has been raised for business expansion. This is an addition to stakes picked up by the Hindustan Times Media and Bennett Coleman and company. The entire exercise of raising funds involved dilution of around 33 lakh equity shares. With the funds raised, he said they were well funded for the Pan-India expansion, and confident of achieving revenues worth INR 150 crore and a net profit of INR 40 crore for the financial year 2011.

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