Taksheel Solutions to launch Rs 80cr IPO on Sept 29

Information-technology firm Taksheel Solutions Ltd (TSL) will launch its Rs 800 million (Rs 80 crore) initial public offering on Sept 29, a top official said.

The Hyderabad-based firm, which offers IT products and services to financial services and telecom companies, plans to use Rs 220 million (Rs 22 crore) from the proceeds for acquiring firms in a similar line of business, its Chairman and Managing Director Pavan Kumar Kuchana said.

"I don't see a slump for this sector..for the wealth management software industry. It's kind of stable. According to me, this is a sunrise industry," Kuchana said.

The initial public offering will close on Oct. 4, he added.

TSL, which intends to issue 5.5 million shares through a fresh issue, intends to use proceeds to set up two software development centres, acquisitions and other corporate purposes.

PNB Investment Services, a unit of Punjab National Bank, is the book running lead manager.