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Sonata plans to raise funds through private placement

The Bangalore-based Sonata Software Ltd (SSL) is planning to raise around Rs.7 crore, through private placement, to compensate the funding done by the Karnataka State Industrial Investment Development Corporation (KSIIDC) and for the infrastructure development.

"We are talking with a couple of financial institutions and also with foreign institutional investors for this deal," a senior SSL official said. SSL is involved in the development of software products, solutions, consulting and professional services.

"Approximately, 7 per cent of Sonata's equity is likely to be off loaded which is one of the reasons for the delay in finalising the deal," he added. However, he declined to name the institutions Sonata is in talks with.

(Courtesy The Times of India)

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