California Software to issue shares upto Rs.10 Crores

California Software Company Ltd has announced that the Board of Directors of the Company at its meeting held on September 14, 2006, inter alia, has approved the following:

1. Signing of Letter of Intent for acquisition of 51% shareholding of Inatech Infosolutions Pvt Ltd, Bangalore and authority to Mr. S Santhosh, Managing Director and / or Dr. P J George, Director to sign necessary documents including definitive share purchase agreements and take all necessary steps as needed to proceed to completion of acquisition, subject to due regulatory and other approvals as applicable.

2. Convening of Extra-ordinary General Meeting on October 16, 2006, for approval of

i. Preferential allotment of equity shares upto a maximum limit of 555,556 equity shares subject to due regulatory approvals and as per SEBI pricing guidelines to the promoter shareholders of Inatech Infosolutions Pvt Ltd, Bangalore.

ii. Issue of unsecured convertible debentures to Bodies Corporate / Mutual funds / FIIs / PAC's for a value not exceeding Rs 10 Crores subject to due regulatory approvals applicable and pricing / conversion guidelines as laid down, by SEBI.

The Board has authorized Mr. S Santhosh, Managing Director and / or D. P J George, Director to sign and issue notice of Extraordinary General Meeting.

3. The Board took on record the Company Law Board's confirmation order for shifting of Registered Office of Company's Wholly Owned Subsidiary Webspectrum Software Ltd from Bangalore to Chennai.

Source : Equity Bulls

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