Friday, March 7, 2008

GSS America Infotech lists at issue price

Equity shares of Hyderabad-based IT solution provider, GSS America (Q, N,C,F)* Infotech, got listed at the bourses today (Mar. 7, 2008).

Shares of the company got listed at its issue price of Rs 400 a share on the Bombay Stock exchange (BSE).

The scrip was last trading at Rs 448.30. A total of 358,444 shares changed hands on BSE (9.56 a.m.). The scrip has hit a high of Rs 475 and a low of Rs 400.

The company issued its shares at floor price of Rs 400 a share. The company`s issue had subscribed about 1.08 times, according to provisional date available with the NSE on the day of closing.

GSS America proposes to utilize the net proceeds of the issue for setting up of state of the art Global Delivery Centre (GDC) at Hyderabad with 1,000 seater capacity, setting up overseas offices, meeting working capital requirement and for acquisitions.

Presently, the company is operating in India from its two global delivery centers in India, one at Jubilee Hills, Hyderabad and second at Hitech City, Madhapur, Hyderabad. Further, GSS also has two GDCs in Chicago, US.

GSS America also plans to acquire and establish facilities in Europe, Middle East and Far East. The company has already acquired office space at Dubai Internet City in Dubai, United Arab Emirates. It also intends to utilize funds for acquisitions.

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