Career Point Plans Rs.155 Cr. IPO

Career Point Plans Rs.155 Cr. IPO | TradingMarkets.com

Posted on: Wed, 09 Jun 2010 02:25:00 EDT

(RTTNews) - The 17-year old Rajasthan-based tutorial service provider Career Point Infosystems plans to raise Rs.115 crore through an initial public offer or IPO to upgrade the infrastructure at the institute. This is the first educational company to go public, say reports.

Chairman and Managing Director Pramod Maheshwari said on Tuesday in Mumbai that the issue was expected to hit the capital market in 20 days. He added that approval from from Securities and Exchange Board of India (SEBI) was obtained.

The company said the proceeds from the issue would be used to built residential complexes for 3,000 outstation students, who come for coaching of IIT-JEE, IEEE and other entrance exams, Maheshwari said, adding that the funds would also be used for for building office facilities at Kota, as the company is also into educational consultancy and management services.

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