Info Drive EGM approves fund raising proposal

Info Drive Software Ltd has announced that the General Body considered and adopted the Resolution for the following special business transacted at the Extra-Ordinary General Meeting held on August 14, 2008, in supersession of the Resolution passed at the Extra Ordinary General Meeting held on March 06, 2008 to raise upto USD 100 Million or its equivalent sum in Indian Rupees, in one or more tranches, by issuing Equity Shares / Convertible Debentures / Convertible Warrants / Convertible Securities / Global Depository Receipt(s) (GDRs) / American Depository Receipt(s) (ADRs) / Institutional Allotment or by way of Private Placement in Indian Currency or Foreign Currency or by way of ESOP, as per the Resolution No. 1 of the Notice of the Extra-Ordinary General Meeting circulated to Members.

Regarding the determination of the issue price of the ADRs / GDRs, the average of weekly high and lows for six months prior to the relevant date July 15, 2008 has been taken.

Source : Equity Bulls

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