Chennai-based education support services company EdServ Softsystems Ltd’s board of directors today approved the launch of a GDR issue to raise up to $35 million to fund its expansion plans at a price to be fixed in line with SEBI norms.

EdServ expects to complete the fund raising process within the next fortnight. With the latest fund raising, it has also revised its revenue guidance to achieve a 60 per cent growth in the current year. The company recorded Rs 122 crore in revenues last year and profitability of 30 per cent in its topline and EPS of Rs 29. The full benefit of the fund raising would be seen next year when it expects to post an even higher growth.

Mr S. Giridharan, Chairman and CEO, EdServ, said the funds would be utilised for infrastructure expansion, investment in an additional 160 schools, increasing access to mobile and TV offerings, enhancement of IT systems and brand promotion and development.