New Delhi: Compunnel Software said it would dilute 15 per cent stake to financial institutions (FIs) for raising six million dollars to fund its expansion plans including setting up overseas development centres and marketing arms."We are currently negotiating with various FIs and expect the deal to come through by mid-July. The company expects to raise upto six million dollars in the process, to invest in expansion plans," Rajiv Savara, vice president of Compunnel Software said here.
Savara said that the company has also been selected as one of the 12 companies worldwide, for United Nation's annual economic-social summit (ECOSOC) to be held between July 5-7 at UN headquarters.
"The company would represent Indian software industry at the summit which would see the participation of other global giants like Dell, Compaq, Hewlett Packard, Andersen and Nortel Networks," he said.
Savara said that the compunnel would address the design and multilingual content creation space at the upcoming summit which would focus on themes such as `development and international co-opertaion in 21st century' and `the role of IT in the context of knowledge-based global economy'.
Elaborating on the company's expansion plans, Savara said Compunnel would set up two development centres in Holland and Seattle and a subsidiary in Spain by October this year.
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