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Tuesday, Oct 17, 2006

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Corporate - Preferential Allotments
Info-Tech - Software
Calsoft to offer 5.5 lakh shares to Inatech

Our Bureau

Chennai , Oct. 16

California Software Ltd (Calsoft) will offer 5.55 lakh equity shares of Rs 10 each for cash on a preferential basis to four promoter shareholders of Inatech Infosolutions Pvt Ltd at Rs 90 a share, including a premium of Rs 80 per share.

Last month the Chennai-based company signed a letter of intent to acquire majority stake in Inatech Solutions UK and Inatech InfoSolutions India.

Calsoft will also allot 94.5 lakh zero per cent, fully convertible debentures (FCDs) of Rs 10 each for cash on a preferential basis to Kemoil Ltd, Hongkong and/or associates or their nominees, according to its communication to the Bombay Stock Exchange.

The FCDs shall be converted into equity shares of the company in three tranches over a maximum period of 18 months from the date of allotment, on the basis of nine FCDs of Rs 10 each being converted into one equity share of Rs 10 each at a price of Rs 90, including a premium of Rs 80.

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