Financial Daily from THE HINDU group of publications
Thursday, Apr 03, 2003
Financial Daily from THE HINDU group of publications Thursday, Apr 03, 2003 |
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Info-Tech
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Preferential Allotments Fortune Info board meet on pref share issue Our Bureau
HYDERABAD, April 2 FORTUNE Informatics Ltd, the Hyderabad-based software solutions company, has convened a meeting of board of directors on April 9 inter alia to consider allotment of preferential shares in terms of the decision taken by the company in 2002. This follows a resolution adopted early last year to increase the authorised share capital of the company from Rs 8,00,00,000 to Rs 12,00,00,000 by the creation of 40,00,0000 equity shares of Rs 10 each and allotment of 38 lakh warrants on preferential basis, including two lakh warrants under the employee stock option plan. It may be recalled that the company had last year allotted warrants to Rex Rotary International of the United Kingdom, the Chairman and Managing Director of Fortune, Mr C.K. Shastri, the Fortune Foundation that handles the employee stock option plan, and Mr Jayanth Dwarakanath, Director. Mr Shastri told Business Line that this conversion was in terms of the special resolution pertaining to shareholders in the extraordinary general meeting held in January 2002 where in the company was authorised to issue preferential allotment of warrants.
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