Maars Software AGM approves issue of preference shares

Maars Software International Ltd has announced that the shareholders at the Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the following:

1. Classification of the existing Authorised capital of Rs 175 crores into Rs 160 crores Equity Capital and Rs 15 crores of Preference capital. Accordingly, the Memorandum and Articles of Association of the Company has resolved to been altered.

2. Issue of Convertible Preference Shares to the extent of 77.2 lakhs of Rs 10/- each aggregating Rs 772 lakhs to Bank of India at par and convertible into Equity Shares after 13 months from the date of allotment at par.

3. Issue of ADR/GDR or any other equivalent instrument to the extent of USD 18 million against the equity capital of the Company at par or at a price as may be decided by the Board at appropriate time.

Source : Equity Bulls

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