Sanra Software to raise funds, acquire animation business of Pix Aalaya Studios Pvt Ltd

Sanra Software Ltd has announced that the Board of Directors of the Company at its meeting held on December 07, 2006 has discussed and decided the following:

1. To issue GDR / ADR / FCCB and other instruments not exceeding US $ 27.50 Million subject to approval of Shareholders in General Meeting and other authorities.

2. To Raise funds through Rights issue / Public Issue / Preferential Issue to accelerate the synergies of existing business as well as new area of business (including acquiring companies or business with good potential) for an amount not exceeding Rs 30 Crores subject to approval of shareholders in General Meeting and other authorities.

3. The decision to shift the registered office has been deffered.

4. To call for the Extraordinary General Meeting (EGM) of the Company on January 02, 2007.

The Board also decided:

1. To acquire the Business of Animation, Gaming and Special effects from M/s Pix Aalaya Studios Pvt Ltd through a Business Transfer Agreement.

2. To Appoint Mr Sukumar Subramanian as a Chief Executive Officer — Animation Division of the Company.

Source : Equity Bulls

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