Kpit Cummins to issue shares on preferential basis

Kpit Cummins Infosystems Ltd has announced that the Board of Directors of the Company at its meeting held on October 17, 2007, inter alia, has approved the following:

1. Issue of upto 1,631,747 equity shares to Cummins Inc., USA on a preferential basis for a cash consideration of upto USD 5,400,000 at a price of Rs 130.09 per share of Rs 2 each. The issue price has been determined as per the SEBI DIP Guidelines. The preferential issue is subject to approval of the shareholders and other regulatory approvals, if any required.

2. Allotment of 41,490 equity shares under Company's ESOP 2004 Scheme.

3. Establishing a Joint Venture Company in British Virginia Island, with Symbio. The Company will hold majority stake in this JV and the JV Company will thereafter form a subsidiary in China.

4. Opening a liaison office in South Korea.

5. Appointment of Mr. Mark R Gerstle, as an alternate director to Mr. Anant Talaulicar, in place of Mr. Steven Chapman.

Source : Equity Bulls

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