Info-Drive Software updates on QIP

Info-Drive Software Ltd has announced that the Board of Directors of the Company at its meeting held on October 04, 2010, inter alia, has considered the opening of the issue of QIP for which In-Principle Approval for the listings of shares have been obtained from Exchange. Hence, the 4th of October was decided as the relevant date in terms of ICDR regulations of Securities and Exchange Board of India (SEBI). The issue will open on October 11, 2010 and close on October 25, 2010 at the close of Banking hours on that day.

The Floor price was fixed on the basis of the average of the weekly high and low of the closing prices of the equity shares on the Stock Exchanges for the two weeks preceding relevant date.

The Board decided to authorize the Managing Director to fix the price band in consultation with the Merchant Bankers i.e., M/s Keynote Corporate Services, Mumbai.

The Board also decided to adopt Audited Financial Accounts for the quarter ended June 30, 2010 (Stand Alone) for inclusion in the Preliminary Placement Document along with the Auditors Limited Review Report.

The Board authorized Mr K. Chandrasekaran, Managing Director & Chief Executive Officer and Mr. V. N. Seshagiri Rao, Director to sign the revised Preliminary Placement Document as amended on October 04, 2010.

The stock closed the day at Rs.23.35, down by Rs.0.40 or 1.68%. The stock hit an intraday high of Rs.23.75 and low of Rs.23.30.

The total traded quantity was 8724 compared to 2 week average of 12916.

Source : Equity Bulls

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