Core Projects & Technologies Limited
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Home / India News / 2007 / May / May 25, 2007
Core Projects & Tech Lists on NSE At Rs 604 Per Share
Core Projects & Technologies Limited

Core Projects & Tech Lists on NSE At Rs 604 Per Share

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Core Projects & Tech Lists on NSE At Rs 604 Per Share

New Listing Comes Close on Heels of US $60 mn FCCB Issue

Mumbai: 25th May, 2007: Mumbai-based Core Projects & Technologies Limited, a premier service provider in the Education, Logistics BFSI, ERP and Healthcare segments, listed on the National Stock Exchange today. The company, already listed on the Bombay Stock Exchange, opened at Rs 604 on the NSE.

Recently felicitated as the "Fastest Growing IT Company for 2006" by the Government of Maharashtra, Core Projects has successfully completed its FCCB offering of US $60 million, which had a green shoe option of USD 20 million. Citigroup, which was the Sole Book Runner and the Lead Manager to the issue, decided to exercise the green shoe option, thus netting US $80 million for Core. The company had already completed a successful offering of USD 12.25 million in November, 2006, which was fully converted by March, 2007.

Core will use the FCCB proceeds to consolidate its foothold in the Education and Logistics space by acquiring companies operating in the same space in Europe and USA. It is also planning a Knowledge Center at Navi Mumbai spread over a massive 175,000 square feet. To be christened "Core Knowledge Center" (CKC), it is set to become operational by December, 2007, at a total cost of US $15 million.

During the last quarter, Core acquiired a 100% stake in New-Hampshire-based Emacs Technologies, a Project Management company, and Bangalore-based ERP management company, Aarman Software Private Limited. The acquisition of Aarman is estimated to increase Core's revenues by Rs. 8 crores, facilitating its penetration in Indian markets in the ERP (SAP), CRM, Engineering Applications and Internet technologies.

About Core Projects & Technologies Ltd

With offices in the USA, UK, Africa, Middle East & India, Core Projects & Technologies Ltd. has delivered more than 50 projects to its global clientele. Core is a leader in IT business with special focus in vertical industries like Education, Logistics, ERP, BFSI and Healthcare. In India, Core has a State of the Art Global Delivery Center at Navi Mumbai and a SAP Competency Center in Bangalore.

The company has delivered excellent audited annual results, seeing a 130% year-on-year jump in its FY07 Consolidated Net Sales, to Rs 199.66 crores from Rs 86.72 crores. Consolidated Net Profit for the year has risen substantially by 217% YoY to Rs 33.48 crores, against Rs 10.55 crores last year. The company has declared a final dividend of 10%, including the 5% interim dividend declared on October 30, 2006.

For further information please contact:
Mr. Ashish Jalan
Concept PR
2207 6321/17/18

Source: Concept PR

Press release presented here is sourced from the Source mentioned above and is provided on as-is basis. Please contact the Company / Source directly for any further information in regard to this release. This website will be unable to assist you in regard to the accuracy or correctness of information in this release.

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