Business Line :
April 24 2000.

The Chennai-based Eonour Software Limited is likely to raise about Rs 6 crores through preferential placement of shares. Coupled with internal accruals, the funds will be used to expand the company's software development infrastructure in Chennai; open offices in the US, UK, Hong Kong and Singapore; and to acquire intelletual property rights and companies with solutions that integrate smoothly with Eonour's own range of business-to-business automation services

Eonour's Chief Executive Officer, Mr R Karthik, told Business Line, "We have identified a consumer-to-consumer portal, which is yet to be launched, for acquisition. This will add value to our business-to-business (B2B) portal initiative, which will be hived off as a separate company". He declined to reveal further details of the planned acquisitions.

Given the recent downtrend in the stock markets, Mr Karthik added, "In case we are unable to raise funds and hence are unable to set up infrastructure, the company will outsource software development work."

Eonour currently does e-commerce projects and on-site consultancy. Mr Karthik estimates that the revenues for the year ending March 31, 2001 should touch Rs 37 crorers.

The company has a product for dealer management. Kinetic Honda is a client with 138 dealers already networked into the system. An order for networking another 180 dealers is to be executed by Eonour. The company is close to signing a $ 2 million letter of intent with the UK-based Hedon IT Systems.

Mr Karthik recently took a 74% stake in Indore-based Mikugura Software and changed its name to Eonour. He bought a 58% stake through acquisition of shares from Mikugura's promoters at Rs 10 per share. The remaining 16% was acquired through an open offer at Rs 33 per share. The company's shares are now traded in the Chennai and Mumbai stock exchanges. The stock closed at Rs 453.60 in the Madras Stock Exchange, on April 11, 2000, when a single lot of 100 shares was traded.

The company make a net profit of Rs 3.43 crores on sales of Rs 12.87 corers for the year ended March 31, 2000 as compared to a net profit of Rs 15 lakhs on sales of Rs 1.57 corers in the previous year.



For further details please contact:info@eonour.com