Cambridge Technology Enterprises to issue 2781599 warrants

Cambridge Technology Enterprises Ltd has announced that the Board of Directors of the Company at its meeting held on October 05, 2009, inter alia, has considered and approved the issue and allotment of 27,81,599 convertible equity warrants on preferential basis to M/s Verve Developers Pvt Ltd at a price determined in accordance with the provisions of SEBI Guidelines.

The Board approved definitive agreement to divest the Company's wholly owned subsidiary CTE Global Solutions Pvt Ltd. This measure is part of the ongoing effort of simplifying and enhancing the efficiency of the company's global operations and its corporate structure. All the employees and the global delivery services being provided by CTE Global Solutions Pvt Ltd to CTE-US will be transferred to CTEL's Bangalore branch as part of this business restructuring.

The stock was trading at Rs.27.25, down by Rs.0.10 or 0.37%. The stock hit an intraday high of Rs.28.85 and low of Rs.27.25.

The total traded quantity was 4670 compared to 2 week average of 14073.

Source : Equity Bulls

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