According to reports, the US$ 87 million GDR issue of SSI Ltd. has been oversubscribed 16 times.
SSI is based in Chennai and is India's third largest software education company and is primarily engaged in imparting education and Oracle based programs.
The proceeds of the issue will be used to set up a software development centre in Chennai, which would be an arm of SSI Technologies, the software development and consulting division of SSI.
This would enable the company to execute more orders thereby leading to a growth in the revenues of the company and also improving itís bottomline.
Setting up an offshore development centre would save expenses for the company as well as lead to the conservation of foreign exchange resources. The division specialises in web enabled software solutions for vertically integrated industries such as securities trading, banking, healthcare, insurance and telecom.
It has already entered into joint ventures with Nasdaq Europe and Nasdaq Japan with the state of the art electronic software.
As a result of this new initiative, the company sees income from software development exceeding that from software training. This represents a focussed shift in the company's policy, which has thus far been tagged as an education major.
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