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Sonata is playing for Rs 1.28 billion turnover

Disclosing this, SSL President and Managing Director B Ramaswamy has said that if the company can manage to stick to the targets that have been set internally, then 1998-99 would end with Rs 1.28 billion as turnover.

T O D A Y

• Cereal # Y2K • Sonata's Rs 1.28b aim • Novell training offer • Sweat equity trouble

"We have managed to clock up about Rs 54 crore (Rs 540 million) in the first six months that have also been audited and are aiming for another Rs 74 crore (Rs 740 million) for the next months," Ramaswamy maintained.

The turnover for 1997-98 was Rs 856 million and the corresponding figure for the previous year was Rs 534 million. The PAT for 1997-98 was Rs 56 million.

Incidentally, SSL's maiden public offering of Rs 220 million, which closed on December 9, 1998, had been oversubscribed four times over.

"The issue received 10,000 applications of which 3,200 came from Bombay and another 2,900 came from Bangalore. Our employees accounted for more than 700 applications," he added.

The company is planning to utilise part of the proceeds from the offer to fund the setting up of a new Rs 75,000 offshore development centre in Bangalore apart from developing other infrastructure related development sites.

Foreign Institutional Investors could not participate in this maiden issue of SSL because no special provision was reportedly made for them.

- Compiled from the Indian media

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