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Wednesday, Aug 31, 2005

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Corporate - Preferential Allotments

Cranes Soft board okays pref issue

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Bangalore , Aug. 30

CRANES Software International Ltd said on Tuesday that its board of directors had approved fresh capital infusion through preferential allotment of equity shares.

The board, which met on Monday, approved issue of up to eight lakh equity shares of Rs 10 each on preferential basis to the promoters and the promoter group. With this preferential issue, the promoters' stake is set to increase to 38 per cent from 34.6 per cent.

Similarly, the board also approved issue of up to four lakh shares of Rs 10 each to Spice One Colonizers Pvt Ltd. The issue would be priced not less than Rs 900 per share, said a company press release. The company expects to seek shareholders' approval for the preferential issue at the forthcoming annual general meeting on September 27.

The proceeds would be used to expand operations, including focussed acquisitions, joint ventures and strategic alliances both in India and abroad. The company is also eyeing acquisition of intellectual property rights and global marketing alliances for leading software products. The funds would also be used to augment working capital requirements.

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