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Edserv Softsystems to allot shares, warrants at Rs 214
Posted On : 2010-08-30 00:55:49( TIMEZONE : IST )
Edserv Softsystems Ltd has announced that the Board of Directors of the Company at its meeting held on August 30, 2010, inter alia, has approved Issue of Equity Warrants/ Shares.
The Board of Directors granted their unanimous approval for the issue of 5,60,748 Equity warrants at a price of Rs. 214/- per warrant i.e., Rs. 10/- each at a premium of Rs. 204/- per warrant aggregating to Rs. 12,00,00,000 (Rupees Twelve Crores only) on Preferential Basis to Mr. S. Giridharan, Promoter and 11,68,224 Equity warrants at a price of Rs. 214/- per warrant i.e., Rs. 10/- each at a premium of Rs. 204/- per warrant aggregating to Rs. 25,00,00,000 (Rupees Twenty Five Crores) on Preferential Basis to Non-Promoters.
Further the Board of Directors have decided to issue 3,56,165 Equity Shares at a price of Rs. 214/- per Share i.e., Rs. 10/- each at a premium of Rs .204/- per Share aggregating to Rs. 7,62,19,380 (Rupees Seven Crores Sixty Two Lakhs Nineteen Thousand Three Hundred and Eighty only) on Preferential Basis to Non-Promoters. The pricing certificate issued by the Statutory Auditors M/s. Raj and Ravi, Chartered Accountants, Chennai as on August 30, 2010 being the relevant date recommending a price of Rs .213.58/- ( Rupees Two Hundred and Thirteen and Paise Fifty Eight only) calculated as per SEBI (ICDR) REGULATIONS 2009, was placed before the board and taken on record. The Price fixed above is higher than the fair price arrived by the Statutory Auditor of the Company. The Company is the process of obtaining the consent letters from the above persons.
The Board of Directors has duly authorised Mr. S. Giridharan, Chairman & CEO and Mrs. G. Gita, Managing Director to appoint Lead Managers and various experts to analyse the nature of business of the Company and its employees and to recommend a suitable Employees Stock Option Scheme / Plan for the Company and instructed the directors to place before the board the Scheme / Plan recommended by the Experts.
The Board also constituted a committee in the name of ESOP Committee with the Mr. S. Giridharan - Chairman, Mrs. G. Gita - Member and Mr. Arvind - Member as members to decide the ESOP matters.
The stock was trading at Rs.201, up by Rs.1.90 or 0.95%. The stock hit an intraday high of Rs.203.75 and low of Rs.200.
The total traded quantity was 0.27 lakhs compared to 2 week average of 0.56 lakhs.
