Indian Infotech and Software Ltd board approves rights issue

The Board of Directors of Indian Infotech and Software Limited at its meeting held today i.e., on Thursday,12th January, 2023 at Registered Office: 110, 1ST Floor, Golden Chamber Pre COOP Soc Ltd. New Link Road Andheri West Mumbai 400053, has approved the raising of funds through issuance and allotment of 26,14,53,270 Number of Equity Shares on right issue basis, on such price, terms and conditions as may be decided by the Board of Directors of ourCompany to the eligible equity shareholders of the Company, as on the record date (to be notified subsequently) subject to the receipt of applicable regulatory, statutory approvals ('Rights Issue').

The board approved the Draft letter of offer for right issue of 26,14,53,270 Number of Equity Shares.

The board approved the appointment of Registrar / Lead banker and various intermediaries for the aforesaid rights Issue.

The board approved the proposal for opening of Escrow Bank Account for right issue of 26,14,53,270 Number of Equity Shares.

The board also approved authorising the Company Secretary or Managing Director of the Company to take all necessary actions and to file application to various authorities in connection with the right issue.

Shares of INDIAN INFOTECH & SOFTWARE LTD. was last trading in BSE at Rs. 1.97 as compared to the previous close of Rs. 1.88. The total number of shares traded during the day was 2622338 in over 2110 trades.

The stock hit an intraday high of Rs. 1.97 and intraday low of 1.90. The net turnover during the day was Rs. 5121641.00.

Source : Equity Bulls

Keywords

INDIANINFOTECHandSOFTWARE INE300B01022 FundRaising RightsIssue