Infotech Enterprises seeks EGM approval for preferential issue of shares

Infotech Enterprises Ltd has announced that the Board of Directors has approved the issue of following securities on preferential basis to M/s. Carrier International Mauritius Ltd and M/s. GA Global Investment Ltd, Cyprus or any of its affiliate(s) / group entity(ies), subject to the approval by the Shareholders and other concerned authorities:

1. Issue of 38,11,392 equity shares of Rs 5/- each at a price of Rs 360/- per share as an underlying equity shares for the issue of ADRs.

2. Issue of 27,24,000 Compulsorily Convertible Preference Shares of Rs 360/- each convertible into equal number of equity shares of Rs 5/- each at a premium of Rs 355/- per share.

3. Issue of 17,72,305 equity shares of Rs 5/- each at a price of Rs 360/- per share.

When fully converted, the total number of additional equity shares issued would be 8,307,697. The Company has called for EGM of shareholders on June 23, 2007 to seek their consent.

Source : Equity Bulls

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