Cyber Tech Systems AGM to issue shares on private placement

Cyber Tech Systems and Software Ltd has announced that the members at the 11th Annual General Meeting (AGM) of the Company held on September 18, 2006, inter alia, has given the Authority to the Board to offer, issue and allot, in one or more tranches:

A) 17,50,000 Equity Shares of Rs 10/- each by Private Placement in one or more tranches, to the following Investors (Investors), at a price of Rs 12.60/- per share (including premium of Rs 2.60/- per share) on a preferential basis:

a. Mr. Viswanath Tadimety - 11,66,667 No. of Equity Shares to be allotted.
b. Mr. Steven Jesek - 5,83,333 No. of Equity Shares to be allotted.

The Equity Shares shall be issued by the Company to the Investors on terms & conditions.
B) 17,50,000 Equity Share Warrants to Persons Acting in Concert with the promoters group as also associate persons on terms & conditions:

a. Mr. Viswanath Tadimety - 11,66,667 No. of Equity Shares to be allotted.
b. Mr. Steven Jesek - 5,83,333 No. of Equity Shares to be allotted.

To draw an amount of Rs 24,16,95,323 Out of the Company’s Securities Premium Account but not exceeding the balance in the said Securities Premium Account but not exceeding the balance in the said Securities Premium Account and be applied / adjusted against the debit balance of Rs 24,16,95,323 under the head "Profit and Loss Account" of the Balance Sheet as at March 31, 2006 or any accretion or deduction thereto.

Source : Equity Bulls

Keywords