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BANGALORE - ICICI Infotech Services Ltd., a privately held software services firm owned by India's ICICI Group of financial services companies, is in discussions with venture capital and private equity investors to raise about $20 million, its chief executive said Friday, June 14.
The money will be raised by placing 10% to 15% of ICICI Infotech's equity with new investors, said V. Srinivasan, CEO of the company. In a telephone interview Friday, he said the new money would be used to finance future acquisitions.
The Mumbai-based software services company has hired ICICI group affiliate and merchant bank ICICI Securities to advise on the search for investors. Srinivasan declined to name any potential investors.
ICICI Infotech is 62% owned by ICICI Ventures, the venture capital arm of the ICICI Group. Another 30% is held by ICICI Bank Ltd., the group's commercial...