Financial Daily from THE HINDU group of publications
Friday, Oct 25, 2002
Financial Daily from THE HINDU group of publications Friday, Oct 25, 2002 |
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Info-Tech
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Software Corporate - Restructuring Maars reworking business strategy Our Bureau
CHENNAI, Oct. 24 THE Chennai-based Maars Software International Ltd has started a consolidation exercise. It is reworking its business strategy and seeking additional funds to clear some of the liabilities. This included optimum use of a Rs 15 crore plot of land the company bought in Padur on the city's outskirts, a couple of years ago for its expansion plans and which remained unused, the company's Chairman and Managing Director, Mr T. Varadharajan, told Business Line. "It has been quite some time since the merger with Mascon Global fell through. While anticipating the merger, we did not pursue some issues including marketing — during the merger talks, both the companies were planning to market each other's products in different geographies. However, it is now time for us to restructure ourselves, to take care of our marketing and working capital needs and move forward. The SAP market (the company has a sizeable presence in this segment), which was depressed so far, is looking up. Similarly, the US market is picking up," he added. The company today informed the Bombay Stock Exchange that its board of directors at a meeting approved the issue of equity shares up to a maximum of 45 lakh shares under preferential allotment basis. The board also approved issue of equity shares under swap basis up to a maximum of 50 lakh shares for acquiring products from identified companies. Further, the board reviewed the issue of equity shares under rights basis at a ratio of 1:1 as approved and confirmed the said ratio. The issue price was refixed as Rs 12 per share (including a premium of Rs 2 per share). According to Mr Varadharajan, the company early this year got a similar approval and the issue price was then fixed at Rs 15. However, it was not utilised so far. The issue price was now reduced (the company's stock was trading at Rs 13 for some time) to Rs 12, enabling the existing shareholders to buy it, he said.
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