Mumbai, Feb 1 :     Pentasoft Technologies (PTL), which was formerly known as Pentafour Communications, is planning to raise over Rs 1,050 crore by placing up to 15 million equity shares on a private placement basis via the book-building route. The floor price for the placement has been fixed at Rs 700. The funds raised would be used to finance the Rs 43-crore ($ 10 million) acquisition of two Australian companies, PTL chairman V Chandrasekaran told reporters here today. Of the total mopup from the placement, around Rs 880 crore ($ 205 million) will be used to meet the costs of acquiring business software division of group company, Pentamedia Graphics - formerly known as Pentafour Communications - as part of a group restructuring programme. The rest will be used to buy software firms identified by the company in the US, Chandrasekaran said. The Australian companies - Rengain Pty and Ozi Resourcing Pty- were purchased to help Pentafour gain a foothold in the overseas market for solutions and consultancy. Earlier this year, Pentafour Software hived off its business software division as an ongoing concern to Pentafour Communications for a consideration of Rs 850 crore ($ 205 million). The software business division contributed around 46 per cent of Pentafour Software's turnover which, based on figures available at the end of March 99, was pegged at Rs 242 crore. Pentafour says its restructuring plan has been drawn up to unlock the true value of its multimedia and software development businesses. After the recast, Pentamedia will focus primarily on the multimedia segment. Pentasoft Technologies specialises in the areas of education and training.