Valuemart Info to raise funds through preferential issue

Valuemart Info Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on April 07, 2007, inter alia, has approved the following:

1. To issue and allot 1,00,00,000 Equity Shares of Rs 2/- per share at a premium of Rs 4/- per share (the issue price being not less than the price as arrived at, in accordance with the terms of Chapter XIII of SEBI - Disclosure and Investor Protection - Guidelines, 2000) either in for cash or for advance amount received if any, as may be deemed most appropriate by the Board, on preferential basis to the Strategic Investors.

2. The issue and allotment will be made in accordance with the guidelines, rules and regulations made / framed by the Securities and Exchange Board of India and subject to the approval of members of the Company.

Further the Board of Directors decided to hold the next board meeting on April 10, 2007, inter alia, to consider the following business:

1. To consider and approve the Date and Venue of the Extra Ordinary General Meeting of the Company.

2. To consider and approve the Notice of the Extra Ordinary General Meeting for obtaining the shareholders approval for preferential issue of 1,00,00,000 equity shares of Rs 2/- each at a premium of Rs 4/- per share.

Source : Equity Bulls

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