Intrasoft Technologies Ltd files draft papers for rights issue

IntraSoft Technologies Ltd. (BSE: 533181, NSE: ISFT) today filed draft papers (Draft Letter of Offer) for Rights Issue of equity shares.

The Company would be raising up to INR 50 crores via Rights Issue and the Net Proceeds of the Rights Issue shall be, inter alia, used for investment in our E-Commerce subsidiary, for funding our E-Commerce business & growth initiatives.

The Company has appointed mid-market investment banker, Pantomath Capital Advisors Pvt Ltd, to lead manage the Rights Issue.

"In this burgeoning world of E-commerce that is dominated by online marketplaces, IntraSoft plays the key role of bridging the gap between marketplaces that are end-consumer focused and brands that are product focused, enabled by the use of technology and data analytics. The Company deploys its own proprietary technology solution to process millions of orders across the U.S market with speed and accuracy. We are faced with a great opportunity and to fuel our growth plan, our Board has approved issuance of equity shares for up to INR 50 crores via Rights Issue. With the actualization of our growth plan, IntraSoft is expected to further strengthen its position in the near to medium term." said Arvind Kajaria, Managing Director.

Shares of Intrasoft Technologies Limited was last trading in BSE at Rs. 203.90 as compared to the previous close of Rs. 201.20. The total number of shares traded during the day was 8216 in over 191 trades.

The stock hit an intraday high of Rs. 206.95 and intraday low of 201.20. The net turnover during the day was Rs. 1672234.00.

Source : Equity Bulls

Keywords

IntrasoftTechnologies INE566K01011 ISFT FundRaising RightsIssue DraftOfferLetter