The company, which is being merged with Cambridge Solutions to create a Rs 1,200 crore (Rs 12 billion) software and BPO services entity, has also got an additional infusion of close to Rs 23 crore (Rs 230 million) from its parent Scandent Group Ltd in Mauritius.
The infused fund would be used primarily to wipe out the $19 million debt of Scandent Solutions and then prepare a chest to fund acquisitions.
Scandent, for this infusion, has issued convertible debentures and warrants aggregating up to Rs 270 crore (Rs 2.7 billion) to funds managed or advised by ICICI Venture Funds Management Company, and 10.25 lakh equity shares aggregating up to Rs 22.6 crore (Rs 226 million) to Scandent Group, Mauritius.
The issue of securities is being made on a preferential basis at a price of Rs 220.
Currently, Scandent Solutions has 1,200 personnel focusing on software development services for the banking, financial services and insurance, government and manufacturing verticals, while Cambridge Solutions, with 2,200 employees, focuses on claims processing.
Scandent is also putting up a new facility in Bangalore to house 3,000 developers which will be ready by April 2006.
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