Kpit Cummins to consider issue of shares to Cargill Mauritius Ltd

Kpit Cummins Infosystems Ltd has announced that a meeting of the Board of Directors of the Company will be held on March 26, 2007, inter alia, to consider and approve, the following business:

1. Issuance of equity shares of the Company to Cargill Mauritius Ltd, on a preferential basis for a cash consideration of USD 4.50 million, at a price to be determined in accordance with the provisions of Chapter XIII of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, as amended from time to time (the "SEBI (DIP) Guidelines").

2. Issuance of convertible warrants to Cargill Mauritius Ltd, on a preferential basis for an aggregate consideration of not exceeding USD 4.50 million, at a price to be determined in accordance with SEBI (DIP) Guidelines, representing the right to convert into equity shares of the Company at the end of 18 months based on achievement of certain parameters.

Source : Equity Bulls

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