Kaashyap Technologies to raise funds, to settle dues to UTI Bank

The Board of Kaashyap Technologies has considered the copy of the letter received from UTI Bank Ltd, Dr. Radhakrishnan Salai Branch, Chennai for one time settlement of their dues. The total dues of Rs 15 crores was reduced to Rs 8 crores on this one time settlement. The Company accepted the one time settlement offer made by UTI Bank Ltd and accepted the schedule of payments given by the Bank. As per the Schedule of payment, the Company will start re-payment from June 2007 and complete before the end of the year 2008.

The proposal of issuing shares on Preferential basis was accepted. The Preferential allotment of 4 crores equity shares of Re 1/- each at the price of Rs 3.50 per share for the amount upto Rs 14 crores will be allotted, after obtaining shareholders consent and consent of all other statutory authorities, to the following persons / entities

a. Mrs. Usha Venkatramani (Promoter) : 75,00,000 - No. of shares
b. Mr. A Ganesan (Director) : 25,00,000 - No. of shares
c. Mrs. Revathi - 25,00,000 : No. of shares
d. Mr. Rajeev Agarwal - 25,00,000 : No. of shares
e. M/s. Real Fintech P Ltd - 50,00,000 : No. of shares
f. M/s. Eyelights Events & Promotions (India) P Ltd : 2,00,00,000 - No. of shares

Further, the above said same allottees will be entitled to the Convertible Warrants issue (each warrant will be converted into one equity share of Re 1/- each) for the amount of Rs 42 crores on the basis of 3 warrants for one share held by them.

Further the Board has also considered and adopted the Notice convening Extra Ordinary General Meeting of the Company to obtain shareholders permission for the abovesaid Preferential allotment of equity shares and warrants. The EGM will be held on July 09, 2007.

Source : Equity Bulls

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