The Hindu Business Line : Mobile Tele cancels pref issue

CHENNAI: Mobile Telecommunications Ltd has informed Bombay stock exchange that it has dropped the proposal for preferential issue of 20,00,000 equity shares of Rs 10 each to Turnkey Software People India Pvt Ltd due to the difference between the two compnaies over the pricing of the intellectual property rights.

Therefore, the company has decided not to purchase the intellectual property rights and not to issue the equity shares on preferential basis to TSPIL.

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