Calcutta, Aug. 21: Everonn Systems India Limited will tap the market to raise Rs 50 crore. The integrated knowledge management and learning solutions company today filed its draft prospectus with the Securities and Exchange Board of India (Sebi) for the proposed issue.

Three days prior to the filing, a private equity firm — India China Pre-IPO Equity (Mauritius) — picked up a 12 per cent stake in the company at an investment of $3 million (approximately Rs 14 crore).

India China Pre-IPO (Mauritius) is managed by Singapore-based ST Asset Management Company, which is a subsidiary of Temasek Holding. ST Asset Management is an investment company that manages assets worth $3.8 billion from its overseas clients.

According to ST Asset Management president and chief executive Goh Mui Hong, who is also the group president of Vertex Venture Holdings (the venture capital arm of erstwhile Singapore Technologies Group), Everonn Systems was chosen for the investment because the Indian company is a well-known name in technology-based education services. “Its proven track record, business philosophies and expertise were instrumental in our decision to invest in this company,” Hong said. “Through our global network, we will work with Everonn to access opportunities outside India, especially in China and Southeast Asia,” she added.

Everonn creates educational and learning content, designs and executes learning initiatives and sets up the infrastructure required for implementing training programmes. For the year ended March 31, 2006, the company has clocked a net turnover of Rs 31.33 crore and a net profit of Rs 4.04 crore.

“ST Asset Management’s investment is a strategic one,” said Everonn Systems managing director P. Kishore. “We want to be a leader in the technology-based educational services sector. This funding will strengthen our position. We have grown rapidly in the past few years and are sure to make a mark in the industry in the years to come,” he added.

Everonn Systems India proposes to use the IPO proceeds and the investment of India China Pre-IPO Equity (Mauritius) Ltd to meet the capital expenditure for institutional education and the infrastructure services business and for the distance learning and technology-enabled learning solutions (ViTELS) business.