Kaashyap Technologies to allot shares at Rs.4

Kaashyap Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on June 21, 2007 has considered, decided and taken decision on the following subjects:

1. The earlier decision of allotment of equity shares on preferential basis was modified on fixation of price. 4 Crores equity shares of Re 1/- each will be allotted on Preferential basis at the price of Rs 4 per share for the amount upto Rs 16 crores, after obtaining consent of shareholders and all other statutory authorities, to the following persons / entities.

1. Mrs. Usha Venkatramani (Promoter): 75,00,000 shares
2. Mr. A Ganesan (Director): 25,00,000 shares
3. Mrs. Revathi: 25,00,000 shares
4. Mr. Rajeev Agarwal: 25,00,000 shares
5. M/s Real Fintech P Ltd: 50,00,000 shares
6. M/s Eyelights Events & Promotions (India) P Ltd: 2,00,00,000 shares

2. Further, the above said same allottees will be entitled to the Convertible Warrants issue (each warrant will be converted into one equity share of Re 1/- each at the price of Rs 4/- per share) for the amount of Rs 48 crores on the basis of 3 warrants for one share held by them.

3. Further on preferential basis, 25,00,000 warrants will be allotted to Ms. R Annapurna and 1,25,00,000 warrants will be allotted to M/s Taib Securities Mauritius Ltd (a Sub Account holder of Taib Bank BSC, Bahrain the Foreign Institutional Investor) at the face value of Re 1/- each. Each warrant will be converted into one equity share of Re 1/- each (at the price of Rs 4/- per share)

Further the Company has also informed that the Board also considered and approved the necessary modification in the Notice convening Extra Ordinary General Meeting of the Company to obtain shareholders permission for the above said Preferential allotment of equity shares and warrants. The date of convening EGM also modified. The Extra Ordinary General Meeting will be held on July 19, 2007.

Source : Equity Bulls

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