Wednesday, January 3, 2007

Core Projects gets equity infusion from Morgan Stanley, Goldman Sachs, Deutsche

Bulge bracket investment banks Morgan Stanley, Goldman Sachs and Deutsche Bank have picked up 10% stake in Mumbai-based software firm Core Projects and Technologies Limited (CPTL) at a combined investment of Rs. 39.76 crores. Morgan Stanley has taken the largest share at 4.03%. Goldman Sachs, through its investment arm Grants Investments Limited, has taken 3.46% and Deutsche Bank 2.59%.

Core Projects was recently in the news for its plans to acquire two US-based software firms. It is also setting up an offshore development centre in Navi Mumbai, to be completed by January-end 2007.

The stake was picked up following conversion of FCCBs issued in November 2006. FCCBs of the value of Rs. 15.90 crores still remain for conversion into equity shares.

Read The Economic Times and Business Standard articles.
Related Post: Mumbai-based software company Core Projects plans two US buyouts

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