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April 18, 2000

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 Company  Bangalore Softsell Ltd
 Market Price  Unlisted
 Lead manager  Karvy Consultants, SBI Capital Markets
 Listing At  Ahmedabad, Bangalore, Madras
 Opening/Closing  April 17, 2000/April 24, 2000
 Promoters  S Ragothaman, R Usha
 Associate Co.  None
 Managing Director  S Ragothaman
 Post-issue Stake  70%
 Issue  
 Size  Rs 97.5 million
 Price  Equity shares of Rs 5 at a premium of Rs. 27.50 per share (Rs 32.50 per share)
 On Application  Rs 32.50
 Allotment  Nil
 Objective  Part finance software development facility, overseas offices in USA & UK, meet expenses of issue, list shares at Ahmedabad, Bangalore and Madras
 Business  
 Product  Software & migration projects
 Location  Bangalore
 Project cost  Rs 166.5 million
 Funded by  Equity and term loans
 Kensource projections  (2001)
 Sales  Rs 60 million
 Profit  Rs 12 million
 Earnings per share  Rs 1.20
 Return on equity  9 %
 Comment  Highly optimistic about the expected profit, the return on equity will fall after the issue, high amount of the expenditure to be incurred on interiors.
 Rating *  D

* A=Subscribe & Hold ; B = Subscribe & Watch C=Subscribe & Sell ; D = Avoid

By Kensource Information Services Pvt. Ltd.

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