Lee & Nee Softwares Exports defers preferential issue

Lee & Nee Softwares Exports Ltd has announced with reference to introduction of Minimum Alternative Tax (MAT) @18.5% on Special Economic Zone (SEZ) units in the Finance Bill, 2011, the working results of Information Technology Companies in Special Economic Zone will be adversely affected and may not attract the investors to subscribe for and or invest with further issue of Capital in Equity shares of the Company to be raised by preferential allotment and right issue as envisaged earlier and the capital market may not behave positively.

Under the Circumstances the Board has decided that the Preferential allotment of 5 crores Equity Shares and right issue of 111548000 Equity shares of Rs. 10 each, be deferred for the time being till such time as the board deems fit.

The stock was trading at Rs.9.29, down by Rs.0.48 or 4.91%. The stock hit an intraday high of Rs.9.80 and low of Rs.9.29.

The total traded quantity was 1.82 lakhs compared to 2 week average of 2.01 lakhs.

Source : Equity Bulls

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