Financial Daily from THE HINDU group of publications
Saturday, Sep 03, 2005
Financial Daily from THE HINDU group of publications Saturday, Sep 03, 2005 |
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Info-Tech
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Software California Soft to raise Rs 40 crore additional capital Our Bureau
Chennai , Sept. 2 CALIFORNIA Software Ltd today said that it intends to raise additional capital. At an EGM, its shareholders approved plans to raise capital of up to Rs 40 crore. They also approved the increase in the company's authorised share capital to Rs 12 crore from the current Rs 7 crore. The company said that it is still to decide whether the additional capital would come through a rights issue, global depository receipts or preferential allotment on private placement. A statement from the company quotes Mr K.N. Nayak, its Chief Financial Officer, as saying, "A final decision on the mode, timing and quantum of funds to be raised will be taken in consultation with merchant bankers. We hope to complete the process of raising additional capital within the next three to six months." The company plans to use the funds for the expanding operations, additional investments in subsidiaries and further acquisitions. It acquired three entities in 2004-05 and has signed up one more in the current quarter.
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