The promoters had picked up the additional shares at an average price of Rs 150 each through open market purchases. The new shareholding pattern of the company is: public 25.69 per cent, promoters 24 per cent, FIIs 18.64 per cent, other corporate bodies 13.17 per cent, FIs 12.67 per cent and GDR investors 5.83 per cent.

SSI, promoted by Kalpathi S Suresh, K S Aghoram, K S Ganesh and D V Narasingarao, is chiefly engaged in providing IT education and consultancy services. It is also into software development.

According to analysts, SSI promoters had decided to hike their stake through purchases in the open market mainly because of the prevailing low price of the companys stock. The SSI stock currently trades at around Rs 108, down from the Rs 2,400-level a year ago.

The promoters action, the analysts say, also reflects their confidence in the company, which did well in the first quarter ended 30 June 2001 by posting over 100 per cent rise in turnover at Rs 410 crore. But, its net profit, at Rs 55.80 crore, was flat in comparison to the Rs 56.93 crore posted by it the previous years first quarter. This was largely due to the Rs 22.50 crore the company had to write off.

SSI, with over 800 centres, is the third largest IT education provider in the country.