Financial Daily from THE HINDU group of publications
Monday, Feb 25, 2002
Financial Daily from THE HINDU group of publications Monday, Feb 25, 2002 |
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Info-Tech
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Software Corporate - Preferential Allotments Corporate - Outlook Amex Info promoters to raise Rs 8.8 cr through pref shares C.R. Sukumar
HYDERABAD, Feb. 24 THE promoters of Amex Information Technologies Ltd (AITL) are set to consolidate their equity holding in the company with the help of a preferential offer of shares and/or warrants. Apart from enabling the promoters to consolidate their holdings, the company is also planning to make preferential offer to non-promoters to raise funds to augment long-term resources. The company needs funds for making strategic investment in other companies and to expand its business activities by way of acquisitions both in India and abroad. The AITL board has approved a resolution to this effect recently to offer 55 lakh equity shares/warrants of Rs 10 each at a price of Rs 16 per share to enable the company raise funds to the tune of Rs 8.8 crore. To enable the company issue shares/warrants, the AITL board has decided to cancel 25 lakh preference shares of Rs 10 each out of its authorised share capital of Rs 15 crore and to create 25 lakh equity shares of Rs 10 each in their place. Following this, the authorised share capital of AITL would have 1.25 crore equity shares of Rs 10 each aggregating to Rs 12.5 crore and 25 lakh preference shares of Rs 10 each aggregating to Rs 2.5 crore. The AITL promoters — Mr G.S. Chandrashekar and Mr Aniket Jathar and their associates — have indicated to the board their intention to subscribe to the warrants to the extent of 20 lakh shares/warrants. This enables the promoters to enhance their holding to 34.36 per cent on the post-issue expanded equity base of Rs 10.5 crore from 32.15 per cent on the existing equity capital of Rs 5 crore. The holding of non-promoters would get marginally reduced to 65.64 per cent on the expanded equity from the current level of 67.85 per cent. Though the company is yet to identify the non-promoters for the purpose of offering 35 lakh shares/warrants on preferential offer basis, the board has decided not to offer more than five per cent of the post-issue paid-up capital of the company to any single entity or person. The AITL board has decided to convene an extraordinary general meeting of its shareholders sometime during the third week of March to seek their consent for the proposed preferential offer.
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