Accentia to raise funds at Singapore bourse
Tuesday, 15 January 2008, 22:22 IST
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Thiruvananthapuram: Accentia Technologies, which has its corporate office at the Technopark campus here, has got a major boost with the Singapore Stock Exchange clearing a $15.75-million global depository receipt (GDR) issue. Speaking to IANS, CEO of the company Pradeep Viswambharan said Accentia has now become the first IT company from Kerala to get clearance for a GDR issue. Accentia, which is listed at the Mumbai Stock Exchange, also has offices at Mumbai and Bangalore. "With this (funds raised by the GDR) we plan to acquire three US-based firms this fiscal (2007-08) and another one in the first quarter of the next fiscal. The GDR issue would open in two weeks. We already have got firm commitments from Berggruen AP, a Mauritius-based foreign institutional investor and private investors from London and the US," said Viswambharan. Since its inception eight years ago, Accentia has now become a proven leader in end-to-end business process management solutions for healthcare, financial and insurance sectors. Accentia caters to all requirements of the IT industry with special emphasis on transcription services, medical billing and coding, insurance claim processing and consultancy. Last year Accentia was in the news when it took over three US-based healthcare business process outsourcing companies for 800 million. The firms it took over in cash-cum-stock deals were Florida-based GSR Physician Billing Inc and GSR Systems Inc, and Oregon-based medical transcription services provider DenMed Inc. "We expect to close the current fiscal with a total turnover of 1.25 billion, up from 3.47 billion in the previous fiscal," said Viswambharan.
Source: IANS
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