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Our Bureau

Chennai , March 27

California Software Company Ltd has fixed price for its proposed rights issue at Rs 66 (inclusive of share premium of Rs 56 per share). The record date for the shareholders who qualify for the issue has been fixed as April 12, a company press release said.

The rights ratio is seven rights share for every 10 existing equity shares. The company will issue 34.44 lakh equity shares of face value of Rs 10 each.

The rights issue is to meet the expenditure required for expansion of offshore development centres, additional working capital requirements and invest in existing subsidiaries, the Chennai-based software company said in the release.

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