HYDERABAD, MAY 30:
Kellton Tech is planning to hire 2,000 more employees and raise ₹120 crore as it aims to reach a turnover of ₹2,000 crore by 2019. It presently has about 1,200 employees, of which half came on board last year.
“We are currently at a run rate (projected annual results based on the present revenues) of ₹330 crore. We are going to significantly expand our facilities in Hyderabad and Gurgaon. We will have 300 people there in three years,” Niranjan Chintam, President of Kellton Tech, said.
Addressing a press conference here on Monday, he said the IT services firm would go for a qualified institutional placement to raise about ₹120 crore. “We will complete the process this financial year,” he said. The promoter group owns 64 per cent.
The company is in the process of acquiring a couple of firms in the SMAC (Social, Mobility, Analytics and Cloud) and Internet of Thing areas. “We are doing due diligence. We can’t say whether it will be one or two acquisitions,” Krishna Chintam, Managing Director, said.
Operative Line “We will complete the process(QIP of 120 Cr) this financial year”.
Only 3 months has passed since this statement. Still 7 months are there in this FY.
If they are able to complete QIP, does it change market perception?
Secondly MD is in habit of giving forward guidance of what is he going to do, which creates anticipation? Is this needed?