IL&FS Private Equity-backed IT solutions firm GSS Infotech Ltd (formerly GSS America Infotech Ltd) has received its board’s nod to raise $75 million or Rs 385 crore through foreign currency convertible bonds/American depository receipts/global depository receipts and qualified institutional placement (QIP), according to a company statement to the Bombay Stock Exchange.
While IL&FS PE owns 13.12 per cent stake in the firm, AIM-listed Kubera Cross Border Fund owns 7 per cent stake and Clearwater Capital Partners owns around 11 per cent stake in GSS Infotech. Also, in early 2010, media house Bennett, Coleman & Co. Ltd (BCCL) had sold undisclosed stake in its two-year-old investment at a loss.
Incorporated in 1999, GSS Infotech provides IT and IT-enabled solutions and services to companies worldwide, with offices in Singapore, the Middle East and the USA.
In November this year, the IT firm acquired US-based companies in the IT infrastructure management space. Although it has not shared details of the acquisitions, the company is looking out for target firms with revenues of over $30 million, it has said in a regulatory filing. These acquisitions would add to its portfolio of Cloud computing and virtualisation, will help the firm in cross-selling and will add to the top-line in absolute terms.