RS Software to issue 700,000 warrants to promoters

RS Software India Ltd has announced that the Board of Directors of the Company at its meeting held on July 12, 2007, has approved the offer and allotment of 700,000 Equity Warrants on a Preferential Basis to the Promoters with each Warrant convertible into one Equity Share of the Company at nominal value of Rs 10/- each at a price of Rs 66/- which includes a premium of Rs 56/- per share, which is not less than the applicable minimum price calculated in accordance with SEBI (DIP) Guidelines on Preferential Allotment of Equity Shares / Warrants.

The proposed issue of warrants would be in accordance with the SEBI (DIP) Guidelines on Preferential Allotment. The 'Relevant Date' in relation to the issue of warrants in accordance with SEBI (DIP) Guidelines on Preferential Allotment is July 10, 2007 being the date 30 days prior to the date on which the meeting of the general body of shareholders would be held i.e. on August 10, 2007 to consider the proposed issue.

The stock was trading at Rs.49, up by Rs. 4 or 8.89%. The stock hit an intraday high of Rs.54 and low of Rs.43. The total traded quantity was 214897 compared to 2 week average of 22132.

Source : Equity Bulls

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