EdServ QIP issue to open on 9th July

Chennai-based education services company, EdServ Softsystems Ltd said it will open its qualified institutional placement (QIP) issue on 9th July.

The minimum floor price for the QIP issue has been fixed at Rs205 per share, higher than the price calculated as per Securities and Exchange Board of India (SEBI) (Issue of Capital and Disclosure Requirements) Regulation 2009. The proceeds of the QIP issue will be utilised to fund the company's plans in the schools segment.

The company plans to invest in several schools this year. The company shall decide on the closing date in due course.On Tuesday, EdServ Softsystems shares closed 3.4% down at Rs210 on the Bombay Stock Exchange, while the Sensex ended at 1% up at 17,614 points.

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Tata Power-Arrow Energy consortium gets Satpura CBM block in Madhya Pradesh

Tata Power Co Ltd, along with its consortium partner Arrow Energy, has been awarded the Satpura coal-bed methane (CBM) block in Madhya Pradesh.

CBM is a natural occurring gas found in coal reserves. The extracted gas can then be utilised for power generation and fertiliser manufacture.

Arrow Energy, with 80% stake, will be the operator of the block. It plans to drill 15 core holes and two pilot wells in the first two years under the phase-I exploration and 21 pilot wells in phase-II. Initial production is expected to start from 2014, Tata Power said in a release.

On Tuesday, Tata Power shares closed 0.5% up at Rs1,310 on the Bombay Stock Exchange, while the Sensex ended at 1% up at 17,614 points.

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Polaris Software unit wins financial technology project in Andhra Pradesh

Polaris Software Lab Ltd said its unit Laser Soft won a project from the Andhra Pradesh State Cooperative Bank Ltd (APCOB) to implement core banking solution (CBS) in all its 22 district central cooperative banks (DCCBs) spread across the state. No price details of the contract were provided.

The proposed implementation will be executed through a unique multi-entity CBS rebranded as intellect core banking solution, with centralised deployment at Hyderabad being used by 569 branches and 22 head offices of the DCCBs. This cost effective model will facilitate easy transaction among customers of each of these banks across the other DCCBs, as if it were one bank without any re-conciliation issues. The new core banking solution will go live across all DCCBs under APCOB within this financial year, the company said in a regulatory filing.

On Tuesday, Polaris Software shares closed 3.8% higher at Rs192 on the Bombay Stock Exchange, while the Sensex ended at 1% up at 17,614 points.

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