Gurgaon-based small cap IT company catering to the engineering and utility sector, KLG Systel has signed an investment agreement with IBM Daksh Business Process Services for investment of Rs 12 crore in its subsidiary, KLG Power. The subscription price is Rs 608.96 a share for 1.97 lakh equity shares of Rs 10 each, equivalent to 1.19 per cent of the total share capital of KLG Power on a fully diluted basis.

IBM is already an exclusive partner for KLG Systel, providing technology platforms for many offerings including Vidushi, a revenue management system specific to energy firms. KLG Systel earned a net profit of Rs 77 crore in the year to March and has provided a guidance of Rs 99 crore net profit and Rs 540 crore revenue for the current fiscal year.

Source: Business Standard