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Future Soft to offer 50 lakh shares to public
Our Investor Bureau
Chennai: Chennai-based Future Software Ltd, a communication software company, will be making an initial public offering of 50 lakh equity shares through book building and a fixed price issue. The proceeds would be used for the on-going capital expenditure, building state-of-the-art integration and testing laboratory of international standards, for investing in overseas branches and marketing offices, augmenting working capital resources and imparting liquidity to the employee stock option scheme.The company intends to enter into a relationship with Nortel Networks Corporation for exclusive licensing of its Internet Protocal family of products. A letter of intent has been signed between the companies, however a binding contract has not been entered into. Future Software revenues for current financial year was at Rs 47 crore on a consolidated basis. The company has also instituted an employee stock option scheme to cover all its employees. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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