Mumbai-based Accentia Technologies Ltd has received its board’s approval to raise funds up to $10 million (Rs 52 crore) through a preferential share allotment and various other sources, the company has disclosed in a statement to Bombay Stock Exchange. The company is backed by US-based Berggruen Holdings’ private equity firm that holds 12.67 per cent stake as of September 30, 2011.
Promoted by Pradeep Viswambharan, Accentia offers medical coding, medical billing & collections, insurance claim processing, cash applications & client services, and medical transcription services, as well as application development and application customisation services.
The company operates across 14 global locations such as Mumbai, Bangalore and New Jersey. It currently employs over 3,900 HRCM professionals including 750-plus from the Philippines, 450 from the USA and independent contractors from various parts of India. Most of the Indian locations serve as quality control centres.
The money raised will be used for growing its core business in healthcare receivables cycle management including transcription, DRT, coding, billing and collections and its newly added integrated Software as a Service (SaaS) offering in the USA.
The funds will be raised by issuing preferential share allotments/warrants to promoters/PACs and through preferential allotment/convertible bonds to foreign corporate bodies/domestic corporate bodies/foreign financial institutions/domestic financial institutions at a price as per SEBI pricing norms under preferential allotment, the company added.
On the Bombay Stock Exchange, shares of Accentia Technologies closed at Rs 49.45 a unit, up 3.56 per cent from the previous close.
Berggruen Holdings is a private equity and venture capital firm specialising in investments in start-ups, direct private equity and public market securities. The firm primarily invests in the USA and Greater Europe but also has investments in emerging markets like Asia. It typically invests up to $200 million of equity in any one transaction.
Besides Accentia, it has invested in developing a string of realty projects across India, spread across Mysore, Hyderabad, Coimbatore, Mohali and Vishakhapatnam, besides its investment in a car rental company Berggruen Car Rentals that offers drive and self-drive facilities for business and personal travel, currently operating in 18 cities across India.
