Excel Infoways to list on August 3

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Shares issued by Excel Infoways via initial public offering will list on August 3, 2009 (Monday) on the bourses. The issue price has been fixed at Rs 85 a share. Its NSE ID is EXCELINFO and BSE ID is 533090.

Excel Infoways had received mild response from investors and was subscribed 1.87 times.

Non-institutional investors and retail investors helped the issue to get subscribed; their portion subscribed 5.3 times and 2.64 times, respectively.

The issue had opened on July 14, 2009. The price band was fixed at Rs 80-85 per share.

The company raised over Rs 48 crore from this issue and the issue constituted 26.77% of the fully diluted post issue paid up capital of the company. The promoters hold 70.52% post the issue.

The company will utilise the money received from the issue for setting up new facilities and for strategic investment or joint ventures. And the rest of the money will be utilised for general corporate purpose and issue expenses.

Income from operations for the year ended March 31, 2009 stood at Rs 18.60 crore as against Rs 23.09 crore. The profit after tax for the same period was at 14.85 crore versus Rs 14.34 crore.

Excel Infoways is a BPO (Business Process Outsourcing) and Customer Contact Center based in India. It provides offshore BPO services to clients primarily in telecommunications and financial sector.