20th Jan 2008
Thiruvananthapuram: Accentia Technologies, a Technopark-based firm specialising in Healthcare Receivable Cycle Management (HRCM), has opened its Global Depository Receipts (GDR) facility with the Singapore Stock Exchange.
This will help the company attract and receive investments in foreign exchange from institutional and individual investors across the world.
The approval for opening GDRs for listing and quotation of Accentia shares worth U.S. $ 2 crore at Rs.10 per share was issued by the Singapore exchange recently. GDRs are instruments that enable investors abroad to buy and sell company shares and receive dividends in foreign exchange, a practice approved by all major exchanges and financial wings of governments across board. “In our quest to grow as a major global presence in the HRCM segment, the issue of GDRs enables us to have access to funds in hard currency for the acquisition of companies abroad in a smooth and seamless way,” points out Pradeep Viswambharan, CEO, Accentia Technologies.“Berggruen A.P., a Mauritius-based institutional investment company has already invested an amount of U.S. $ 28 lakh through GDR to buy Accentia shares,” adds C.K. Sooraj, director, Operations. “This will enable us to go forward with and complete our plans to acquire two companies in the U.K. and one in Dubai.”
Accentia has already taken over two HRCM companies in Fort Lauderdale, Florida, U.S., one in Portland, Oregon, U.S., two in Bangalore and one in Kochi. Formalities for the acquisition of one company each in Hyderabad, Hubli and Belgaum are in progress, Mr. Viswambharan said.
Accentia employs over 2000 hands and aims to increase the strength to 15,000 in another 2 years.
http://www.hindu.com/2008/01/20/stories/2008012052641500.htm