Rolta India raises $103.5 million from GDR issue

Mid-sized IT services company Rolta India has completed its Global Depository Receipts (GDR) issue from which it has raised a total of $103.5 million or around Rs460 crore, including $13.5 million from retention of over-subscription.

The receipts were priced at $5.6 or Rs250 each, equivalent to the 4-week average price of the company''s stock price in the domestic markets. The receipts would be listed on the London Stock Exchange.

The issue was completed at a discount of more than 8 per cent to the closing price of Rs273.9 on the NSE on 07 April 2006.

Rolta India has operations across the globe with subsidiary operations in 7 countries. The company focuses on geographical information systems (GIS) and automation of plant and other mechanical designing services.

The company is a service partner of US-based Computer Associates (CA) and offers implementation, customisation and integration services for CA software, including data security, network management and systems management.

Rolta had reported a net profit of Rs35.28 crore or Rs5.5 per equity share for the December 2005 quarter as compared to Rs26.21 crore or Rs4.1 per share for the previous year quarter. Total revenues increased from Rs86.36 crore to Rs110.84 crore.

For the previous quarter ended September 2005, Rolta had reported a net profit of Rs31.68 crore or Rs5 per share on total revenues of Rs91.08 crore.