Megasoft to issue Warrants on Preferential basis

Megasoft Ltd has announced that the Share Transfer / Investors' Grievance Committee of the Board of Directors of the Company at its meeting held on June 22, 2007 has allotted 22,50,000 Warrants of Rs 128 each to Mr. Ravindra Babu S (HUF), a Promoter (amount received Rs 2,88,00,000 being 10% of the face value of warrants), where each warrant is convertible into one Equity Share of the face value of Rs 10 each at a price of Rs 128 per share (including premium of Rs 118 per share) within a period of eighteen months from June 22, 2007. This issue of warrants on preferential basis pursuant to Section 81(1A) of the Companies Act, 1956 and SEBI (DIP) Guidelines, 2000 for Preferential issue of Securities have been approved by the shareholders of the Company through Postal Ballot (result announced on June 08, 2007).

The stock closed the day at Rs.139.35, up by Rs.2 or 1.46%. The total traded quantity was 158884 compared to 2 week average of 217480. The stock hit an intraday high of Rs.143.70 and low of Rs.138.60.

Source : Equity Bulls

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