Radiant Info awaits SEBI nod for IPO issue

Radiant Info System, which topped the Deloitte Technology Fast 50 India 2008 ranking, awaits the Securities and Exchange Board of India’s nod for making its Initial Public Offer, reports The Hindu Business Line.
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Dec 12, 2008, 08.53 AM | Source: The Hindu Business Line.

Radiant Info awaits SEBI nod for IPO issue

Radiant Info System, which topped the Deloitte Technology Fast 50 India 2008 ranking, awaits the Securities and Exchange Board of India’s nod for making its Initial Public Offer, reports The Hindu Business Line.

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Radiant Info awaits SEBI nod for IPO issue

Radiant Info System, which topped the Deloitte Technology Fast 50 India 2008 ranking, awaits the Securities and Exchange Board of India’s nod for making its Initial Public Offer, reports The Hindu Business Line.

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Radiant Info System, which topped the Deloitte Technology Fast 50 India 2008 ranking, awaits the Securities and Exchange Board of India’s nod for making its Initial Public Offer.

The company, incorporated in 1995 in the US and two years later in India has filed its offer document with SEBI. “We are awaiting SEBI approval,” its Chairman and Chief Executive Officer, Mr Venu Myneni, told Business Line.

The company is planning to raise Rs 100 crore. The sums mopped up through the book-building route would be used for launching its products globally, in infrastructure building and acquiring companies, Mr Myneni said.

Asked if he would go ahead with the proposed issue considering the market volatility and sentiments, he said, “We will. There is no one in the race.”

He conceded that a global crisis of this dimension was not anticipated. “We have been through two recession cycles in the past and that experience has taught us to take precautionary measures. The present slowdown could be a prolonged one and unlike in the earlier instances, is expected to have an adverse impact globally. We see this as an opportunity and intend to tap the market aggressively, look for newer avenues and curb expenses. The fittest would survive,” he said with confidence.

Radiant, according to him has already identified three companies for acquisition in the IT transportation and logistics, telecom and pharmaceutical and life sciences space. “One of these is an Indian company, while the other two are overseas. We expect to complete the acquisition during the second quarter of 2009,” he said.

He declined to commit on the acquisition cost. He instead said “The valuation has since fallen because of the economic slowdown. It is the best time to scout, because the process could take a while and would be a value buying proposition.”

Expansion

Radiant is ready to move to the next level with the right set of technology and team. It is planning to expand its facilities in India by establishing its presence in Hyderabad and Mysore. (It has a facility in Bangalore.)

The company has invested $10 million on infrastructure in the first phase of the project.

To a query on performance, he said “We are targeting Rs 270 crore this year” against last year’s Rs 132 crore, reports The Hindu Business Line.

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