Intrasoft Technologies Ltd raises Rs. 28 Crores to expand E-commerce Business

Intrasoft Technologies Ltd raises Rs. 28 Crores to expand E-commerce BusinessIntraSoft Technologies Ltd. (BSE: 533181, NSE: ISFT) has announced that it had raised Rs. 28 Crores by selling 5,50,000 shares, at a rate of Rs 510 per share.

Investment Bankers to the transaction were M/s SMIFS Capital Markets Limited.

The entire net proceeds from this transaction are proposed to be used for expansion and growth activities related to the E-Commerce business.

Commenting on the sale, Mr. Arvind Kajaria, Managing Director said, "We are happy to welcome new investors into our Company. The funds raised will help us expand our E-Commerce Business as we head into the Holiday Season and continue to open up better opportunities for the Company."

The shares were sold by Intrasoft Beneficiary Trust, whose sole beneficiary is the Company. Intrasoft Beneficiary Trust was set up in 2007 pursuant to a Scheme of Amalgamation that was approved by the Bombay High Court and the Calcutta High Court, to hold shares solely for the benefit of the Company.

Shares of INTRASOFT TECHNOLOGIES LTD. was last trading in BSE at Rs.508 as compared to the previous close of Rs. 508.9. The total number of shares traded during the day was 279336 in over 1755 trades.

The stock hit an intraday high of Rs. 537.1 and intraday low of 501.2. The net turnover during the day was Rs. 142740363.

Source : Equity Bulls

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