Financial Daily from THE HINDU group of publications
Thursday, Feb 02, 2006
Financial Daily from THE HINDU group of publications Thursday, Feb 02, 2006 |
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Info-Tech
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Preferential Allotments Scandent to raise Rs 135 cr via pref issue Our Bureau
Bangalore , Feb. 1 SCANDENT Solutions Corporation Ltd plans to raise Rs 135 crore by issuing securities on a preferential basis to Indopark Holdings Ltd, a wholly-owned subsidiary of Merrill Lynch and Co, Inc. The board of directors of Scandent approved the proposal on Monday. The preferential issue is priced at Rs 217, in accordance with the Securities and Exchange Board of India guidelines. Previously, Scandent had decided to raise Rs 270 crore from ICICI Ventures. The preferential issue to Indopark Holdings is in lieu of the ICICI Ventures investment proposal approved by the Scandent board in October last year. The Chief Financial Officer of Scandent, Mr Pradeep Chaudhry, said there were no significant reasons for the change in company's proposal. "The board felt that going with Merrill Lynch was a strategic fit for us," he said. The company has convened an EGM on February 28 to get the shareholders' approval.
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