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Raja Simhan T.E.

Chennai , March 10

PROMOTERS of the Chennai-based Quintegra Solutions Limited will sell 10-15 per cent of their 89 per cent shareholding in the company to the public.

The software company, formerly Soffia Solutions, has convened a board meeting on March 15 to consider the public sale, said a company official.

The sale follows a directive by the Bombay Stock Exchange to Quintegra. The exchange said that after Soffia and TranSys Technologies Private Limited, another Chennai-based software firm, merged last year, the public shareholding had fallen below the minimum requirement. The company should have about 25 per cent as public shareholding, it said. The promoters plan to put back the amount that they get from public subscription into the company, the official said.

The merger of the two companies was considered in January 2003 and approved in June by the shareholders of Soffia, and also by the Madras High Court. Recently, Soffia was renamed Quintegra.

Following the merger, Soffia Software arrived at a swap ratio of 304 shares in the company for every 20 shares in TranSys.

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