Ramco Systems raises Rs 325 crore through QIP

CHENNAI: Chennai-based enterprise cloud software company Ramco Systems has raised Rs 325 crore (around $52 million) through the Qualified Institutional Placement (QIP) route.
Ramco Systems has said the funds are aimed at retiring a substantial portion of debt, supporting operational expenses to attract talent and enhancing marketing efforts in global markets.
HDFC Mutual Fund, Amansa Holdings, Goldman Sachs, Jo Hambro, Axis Mutual Funds are some of the leading institutional investors who have invested in the company in the current QIP round.
According to Ramco, consequent to the QIP, public shareholding in the company has increased from 30.9% to 42.9%.
Ramco has said it has been investing in expanding and building capabilities, given the strong growth in enterprise cloud market.
Commenting on the fund raising, P R Venketrama Raja, vice- chairman and MD of Ramco Systems, said, “Globally, cloud companies are getting good valuation. This is the value that investors attach to IP-led businesses. The successful fund raising from institutional investors is a testament of the belief and trust they place on the company and the strong fundamentals on which our business is built.”