Intra Infotech promoters sell 17.97% stake to Fortune Buildprop Pvt Ltd

Intra Infotech Ltd has announced that the Company has received a letter dated September 25, 2007 from M/s Fortune Buildprop Pvt Ltd that they have entered into a Share Purchase Agreement on September 25, 2007 with the promoters of the Company to acquire 1,02,05,000 equity shares representing 17.97% of the voting rights of the Company at a price of Re 1 (Rupee One Only) per share payable in cash.

The Company is informed that the above acquisitions is with the objective of Substantial acquisition of shares and voting rights accompanied by change of control / management. As required by Regulation 10 & 12 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers), Regulations 1997 [(SAST) Regulations, 1997] they will be making a public Announcement to acquire upto 57% of the Voting Capital to the existing shareholders of the Company within the specific period.

The stock closed the day at Rs.22.95, up by Rs.0.45 or 2%. The stock hit an intraday high of Rs.22.95 and low of Rs.22.95.

The total traded quantity was 1000 compared to 2 week average of 350.

Source : Equity Bulls

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