The matter would be taken up for the consideration of the board at a meetingto be held on Friday, January 28.

According to a top company official, a large part of the issue proceeds willgo towards funding overseas acquisitions and setting up more offshoredevelopment centres (ODCs).

These ODCs will work on projects for IndigoMarkets, the joint venture to beset up between SSI Technologies, a SSI division, and National Association ofStock Dealers, the parent company of Nasdaq Stock Exchange.

Also, the issue, it is learnt, is more on the lines of rendering a globalimage to the company.

With plans to hive off SSI Technologies after sometime under consideration,this overseas listing will help SSI to pep its image up and to market itselfmore easily in the global market. With Nasdaq on its side, the overseaslisting should pose little problem to SSI.

Also, SSI had indicated its serious intentions to get into the productmarket in a big way sometime ago. If it has to succeed in this area, itneeds to have access to a global market and this overseas listing is sure toaid in that.

Firming up its plans on these lines, SSI had recently acquired a CBT(computer-based training) software company in Chennai called InndsoftSystekh Ltd for a consideration of Rs 3.4 crore. The all-cash deal has beenstructured by way of a 100 per cent equity purchase of the company.

Inndsoft is expected to work in tandem with SSI's Content Development Group(CDG) for designing and marketing CBTs in India and abroad. CDG, accreditedwith Microsoft, is already engaged in developing software for the high-endCBT market.

With already a sum of $15 million earmarked to fund acquisitions, this isthe third acquisition of SSIL in the year. The previous two were of IndigoTechnologies specialising in stock market solutions and Third Agenda engagedin web-broking software.