Date:22/11/2006 URL: http://www.thehindubusinessline.com/2006/11/22/stories/2006112205801600.htm

Back Roseburg reduces stake in Quintegra

Raja Simhan T.E.

Chennai , Nov. 21

Roseburg Inc of Mauritius, an investment company, has reduced its stake in Quintegra Solutions Ltd by 6.44 per cent to 34.39 per cent per cent.

As on September 30, Roseburg held 40.83 per cent equity in the Chennai-based information technology consulting and services company. The selling of shares happened in the last couple of weeks, according to the NSE.

Other foreign investors as on September quarter were Breezy Blue Investment Ltd (12.76 per cent) and Mattenhorn Ventures (1.72 per cent).

Investment plans

Meanwhile, Quintegra plans to invest around $15 million (Rs 67 crore) in acquiring two companies in the US and Europe. The company would raise the amount through issue of FCCB (foreign currency convertible bonds).

"We have short listed two companies and due diligence is going on. We should close one acquisition by January," he said.

The company would expand its manpower strength to around 750 by March 2007 from the present 400 people.

Quintegra provides software to clients in sectors such as banking and financial services, telecom, manufacturing and healthcare. It has offices in the US, the UK, Germany, India, Malaysia and Singapore with offshore development centres in Chennai and Bangalore.