Zylog Systems To Float IPO To Fund Expansion

Chennai: Zylog Systems Ltd mulls to foray the capital market with an initial public issue of 36-lakh equity shares of Rs 10 each through the book-building route. Funds raised will be used to part finance the company's expansion plans. Zylog Systems is infusing about Rs 66 crore to establish two offshore development centres at Sholinganallur and Siruseri. It gives client specific technology services such as application development, enterprise infrastructure management and quality assurance and testing. It concentrates on industry verticals such as telecom, banking and financial services and retail. The company has registered the draft red herring prospectus with the SEBI.