The Hindu Business Line : Four Soft plans pref issue; to raise $70 m abroad

Four Soft Ltd has informed BSE that the company board on Friday decided to issue 10.8 lakh equity shares on preferential basis at Rs 65 per share of Rs 5 face value with a Rs 60 premium.

The board is also considering raising additional capital by way of issue of ADR/GDR or bonds or debentures up to $70 million to fuel its expansion and acquisition plans.

These decisions are subject to approval of members at the extra-ordinary general meeting of the members of the company scheduled for January 19.

The allotment, after necessary clearances, would be to Regency Creations Ltd (non-promoter, 1,53 lakh shares), First Dolphin Ltd (1.53 lakh Shares), Fabula Holdings (1,53 lakh), Mr Lim Ho Kee (1.58 lakh shares), Mr Suresh C. Rajpal (Person Acting in Concert 1.53 shares), Mr Koh Boon Hwee (68,294 shares), Six Rivers Group Ltd (85,376 shares) and Mr.Palem Srikanth Reddy (Promoter 1.53 lakh shares) and one lakh share warrants on preferential basis to Indusage Management Services convertible at Rs 68 per share.

In addition, the company would allot 20 lakh share warrants on preferential basis to Citigroup and its affiliates based on expression of interest. These are convertible at a price of Rs 68 per warrant, aggregating up to Rs 13.6 cr. The company has also received credit facility of Rs 13.5 crore.

This is subject to internal credit approvals, legal and financial due diligence process that is satisfactory to Citigroup or any of its affiliates (Citi) in its sole discretion, and the execution of final definitive transactional documents for the facility and subscription of warrants.

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