Compuage Infocom terminates rights issue process, to issue warrants

Compuage Infocom Ltd has announced that the Board of Directors of the Company at its meeting held on January 14, 2010, inter alia, have decided to terminate process initiated in connection with the proposed Rights Offering.

To raise long term fund required through preferential issue and also decided to issue of 35,00,000 (Thirty Five Lacs) Warrants convertible into equal number of equity shares of Rs.10/- each at a price of Rs. 67/- each on preferential basis, in compliance with Chapter VII of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and Companies Act 1956.

The allottees include Mr. Atul Mehta (Promoter) - 9,00,000 Warrants, Mr. Bhavesh Mehta (Promoter) - 9,00,000 Warrants, Emerging India Focus Fund - 4,30,000 Warrants and Silver Cross Marketing Pvt Ltd - 12,70,000 Warrants.

The Board approved proposal to Acquire 80% stake in ADIT E- Commerce Pvt Ltd and authorize Mr. Atul Mehta, Managing Director to negotiate the terms and conditions for acquisition of stake and to enter into relevant agreements as required.

The Board also approved draft notice of Extra Ordinary General Meeting to be held on February 10, 2010.

The stock was trading at Rs.91.25, up by Rs.1.15 or 1.28%. The stock hit an intraday high of Rs.93 and low of Rs.86.

The total traded quantity was 3302 compared to 2 week average of 27608.

Source : Equity Bulls

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