Infotech to allot 18 lakh shares to FIs
Infotech Enterprises said it will make a preferential allotment of about 18 lakh equity shares to overseas investors.
By PTI |
MUMBAI: Infotech Enterprises on Monday said it will make a preferential allotment of about 18 lakh equity shares to overseas investors.
“The company's shareholders at their EGM on June 23 approved the allotment of 11,66,420 equity shares to Carrier International Mauritius and 6,05,885 shares to Cyprus-based GA Global Investment,” Infotech Enterprises told the BSE.
“It will also issue 27,24,000 compulsory convertible preference shares to GA Global,” Infotech added.
“The shareholders have also approved allotment of 38,11,392 shares worth Rs 137 crore to American Depository Receipts (ADR) holders,” the company added.
However, in case the shares are not issued to ADR holders the company will issue an additional 38,11,392 shares to GA Global Investment.
The Hyderabad-based company further said its shareholders have agreed to enhance the investment limits of Foreign Institutional Investors (FIIs) in its securities from the present 30 per cent to 100 per cent.
In May the company had acquired stake in Geospatial Integrated Solutions Pvt Ltd to increase its share in the Geospatial business opportunities in India and Middle East.
Infotech Enterprises shares closed at Rs 377, down by 2.84 per cent on the BSE today.
“The company's shareholders at their EGM on June 23 approved the allotment of 11,66,420 equity shares to Carrier International Mauritius and 6,05,885 shares to Cyprus-based GA Global Investment,” Infotech Enterprises told the BSE.
“It will also issue 27,24,000 compulsory convertible preference shares to GA Global,” Infotech added.
“The shareholders have also approved allotment of 38,11,392 shares worth Rs 137 crore to American Depository Receipts (ADR) holders,” the company added.
However, in case the shares are not issued to ADR holders the company will issue an additional 38,11,392 shares to GA Global Investment.
The Hyderabad-based company further said its shareholders have agreed to enhance the investment limits of Foreign Institutional Investors (FIIs) in its securities from the present 30 per cent to 100 per cent.
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In May the company had acquired stake in Geospatial Integrated Solutions Pvt Ltd to increase its share in the Geospatial business opportunities in India and Middle East.
Infotech Enterprises shares closed at Rs 377, down by 2.84 per cent on the BSE today.
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