Cambridge Technology Enterprises decides against preferential issue

Cambridge Technology Enterprises Ltd has announced that M/s. Hansankit Trading Pvt. Ltd, Transartica Company Ltd and Ibenstein Pte Ltd have conveyed their inability to mobilize the required funds for participating in the preferential issue of 10,00,000, 12,00,000 and 8,00,000 Convertible Equity Warrants respectively in view of the tight liquidity crisis and unfavorable market conditions. Hence, the Company has decided not to proceed with the aggregate allotment of 30,00,000 Convertible Equity Warrants as above on preferential basis to the aforesaid proposed allottees.

Further, the Board will consider allotment of 8,00,000 Equity shares on preferential basis for consideration other than cash to the shareholders of M/s. Protege Software Services Inc., USA, as part of purchase consideration for acquisition of that Company, on receipt of FIPB approval which is under process.

The stock was trading at Rs.19.10, down by Rs.1 or 4.98%. The stock hit an intraday high of Rs.19.10 and low of Rs.19.10.

The total traded quantity was 11830 compared to 2 week average of 7391.

Source : Equity Bulls

Keywords