Four Soft to issue 10,80,219 shares on preferential basis at Rs.65, to issue warrants

Four Soft Ltd has announced that the Board of Directors of the Company at its meeting held on December 22, 2006, has considered and taken on record the following items of business, subject to approval of members at the Extra-Ordinary General Meeting of the members of the Company which is scheduled to be held on January 19, 2007.

1. To issue 10,80,219 equity shares on preferential basis, to the following Investors at Rs 65/- per share (Rs 5/- face value + Rs 60/- premium) as per SEBI (DIP) 2000 Guidelines.

Name of Allottee:

a. M/s Regency Creations Ltd - Non-Promoter - 153,846 No. of Equity Shares to be allotted.

b. First Dolphin Ltd - Non-Promoter - 153,744 - No. of Equity Shares to be allotted

c. M/s Fabula Holdings - Non-Promoter - 153,204 - No. of Equity Shares to be allotted

d. Mr Lim Ho Kee - Non-Promoter - 158,063 - No. of Equity Shares to be allotted

e. Mr Suresh C Rajpal - Person Acting in Concert - 153,846 - No. of Equity Shares to be allotted

f. Mr Koh Boon Hwee - Person Acting in Concert - 68,294 - No. of Equity Shares to be allotted

g. M/s Six Rivers Group Ltd - Person Acting in Concert - 85,376 - No. of Equity Shares to be allotted

h. M/s Palem Srikanth Reddy - Promoter - 153,846 - No. of Equity Shares to be allotted

2. To Issue 20,00,000 share warrants on preferential basis, based on expression of interest received from Citigroup (including any of its affiliates) convertible at a price of Rs 68/- per warrant (Rs 5/- face value + Rs 63/-premium) as per SEBI (DIP) 2000 Guidelines aggregating upto Rs 136.00 million, and an extension of Credit Facility for an aggregate amount of Rs 135.00 million. This Expression of Interest is subject to internal credit approvals, legal and financial due diligence process that is satisfactory to Citigroup or any of its affiliates (Citi) in its sole discretion, and the execution of final definitive transactional documents for the facility and subscription of warrants.

3. To issue 1,00,000 share warrants on preferential basis, to Indusage Management Services Pvt Ltd convertible at Rs 68/- per share (Rs 5/- face value + Rs 63/- premium) as per SEBI (DIP) 2000 Guidelines aggregating upto Rs 6.80 million.

4. For raising of additional capital by way of Issue of ADR / GDR or Bonds or Debentures for US$ 70 Million.

Source : Equity Bulls

Keywords