Scanpoint Geomatics Ltd Board approves Rights Issue of equity shares to raise Rs. 25 crore

The Board of Directors of Scanpoint Geomatics Ltd in their meeting held today, have considered and approved the fund raising by the Company of an amount aggregating up to Rs. 25 Crores by issue of equity shares of face value of Rs. 2/- each ("Equity Shares") on a rights basis to all existing equity shareholders of the Company as on a record date and on such terms and conditions as may be decided by the Board or committee thereof ("Rights Issue") subject to requisite approvals from the statutory, regulatory and other authorities, as appli cable.

The board has constituted a committee for the Rights Issue ("Rights Issue Committee") and authorized the Rights Issue Committee to do all such acts, deeds, things and matters, as it may in its absolute discretion deem necessary, proper, and desirable for the purpose of and in connection with the Rights Issue.

The board also approved increase in Authorized Share Capital from Rs. 13,00,00,000 (Rupees Thirteen Crores Only) divided into 6,50,00,000 (Six Crores Fifty Lacs Only) Equity Shares face value of Rs 2/- each to Rs. 15,00,00,000 (Rupees Fifteen Crores Only) divided into 7,50,00,000 (Seven Crores Fifty Lacs) Equity Shares face value of Rs 2/ - each and consequent amendment to the Memorandum of Association of the Company.

Shares of SCANPOINT GEOMATICS LTD. was last trading in BSE at Rs.19.35 as compared to the previous close of Rs. 19.25. The total number of shares traded during the day was 8112 in over 38 trades.

The stock hit an intraday high of Rs. 19.4 and intraday low of 18.5. The net turnover during the day was Rs. 154840.

Source : Equity Bulls

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