Business Daily from THE HINDU group of publications
Tuesday, Mar 20, 2007
ePaper
Business Daily from THE HINDU group of publications Tuesday, Mar 20, 2007 ePaper |
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Info-Tech
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Preferential Allotments KPIT Cummins to raise $9 m Our Bureau
Mumbai March 19 IT consulting organisation KPIT Cummins Infosystems Ltd said on Monday that it will raise up to $9 million through issue of preferential shares and convertible warrants to private equity investor, Cargill Ventures. According to an agreement between the two entities, an amount of $4.5 million (Rs 20.25 crore) will be raised by KPIT Cummins through issue of preferential shares to Cargill Ventures. The company will also issue warrants to Cargill Ventures, convertible into shares of up to $4.5 million. Cargill Ventures is a venture capital arm of Cargill Inc, a privately held company with operations in 63 countries. "In addition to bringing in the funds, which we hope to use for our merger and acquisition initiatives, Cargill Ventures also brings its expertise in the technology domain. This relationship is expected to strengthen our foundation for future growth," said Mr Ravi Pandit, Chairman and Group CEO, KPIT Cummins. The issue of preferential shares will be at a price determined in accordance with the Securities and Exchange Board of India (SEBI) regulations, said a release from the company. The warrants will be convertible into shares at the end of 18 months from the date of issue based on parameters fixed by SEBI, the release added. The company's stock fell by 0.9 per cent to Rs 127.25 on the BSE on Monday.
More Stories on : Preferential Allotments | Overseas Borrowings | Software
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