Maars Software to allot CCPS, issue GDRs for USD 18 million

Maars Software International Ltd has announced that the Board of Directors of the Company at its meeting held on January 12, 2007, inter alia, has considered and decided the following:

1. To allot 77,20,000 8% Cumulative Convertible Preference Shares of Rs 10/- each convertible as a equity shares on / after 13 months from the date of allotment to Bank of India. The respective shares are locked in for a period of one year from the date of allotment i.e. up to January 11, 2008.

2. Decided to apply in principal approval with applicable stock exchanges for issue of Global Depository Receipt (GDR) to an extent of appt. USD 18 Million as per the resolution passed at the Annual General of the shareholders held on September 29, 2006.

Source : Equity Bulls

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