Publication firm Dainik Jagran has picked up a small stake in education and placement services firm EdServ Softsystems by way of conversion of warrants of Rs.10 Cr.
This is in addition to HT Media and Bennett Colman & Company (BCCL), who had also picked up stake earlier, all through equity warrants.
Through this, Edserv has now completed fund raising of Rs.130 Cr for pan-India expansion.
The entire fund-raising exercise included issue of 3.3 million fresh shares diluting the equity base by 22% of the post-paid equity capital, which at present stands at Rs.15.5 Cr.
Commenting on the completion of the fund raising exercise, Founder and Chairman of Edserv , S Giridharan told that the company is now well funded and is confident of achieving revenues of Rs.150 Cr and PAT of over Rs.40 Cr for FY 2011 and that the company will not go ahead with any more equity dilution. The founder has also categorically dismissed anymore equity dilution going forward, which is very much a positive sign.
$Team TMP
