Cambridge Technology to raise funds through preferential issue

Cambridge Technology Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on September 04, 2007, has considered and approved issue of 42,50,000 Convertible Equity warrants on preferential basis to Foreign Companies viz. Rosebury Investment Pte Ltd and Prime Genius Pte Ltd at a price of Rs. 55/- per warrant as per SEBI pricing formula aggregating to Rs. 23,37,50,000/-.

This is subject to the approval of Shareholders at the ensuing Annual General Meeting of the company. The proceeds of this issue would be utilized towards the following:

1. Expansion of IT Infrastructure and Facilities.
2. Expansion of Global operations and Market Reach.
3. IP Creation, Re-usable components Library and
4. Mergers and Acquisition integration and growth activities.

The stock was trading at Rs.52.85, up by Rs.3.30 or 6.66%. The stock hit an intraday high of Rs.56.40 and low of Rs.49. The total traded quantity was 258737 compared to 2 week average of 39351.

Source : Equity Bulls

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