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Pune March 21 KPIT Cummins Infosystems Ltd, an IT consulting organisation, has said here that it has entered into an agreement with Cargill Ventures to issue shares of $4.5 million on a preferential basis, in addition to warrants convertible into shares of up to $4.5 million.

Cargill Ventures is a venture capital arm of Cargill Inc, with operations in 63 countries and revenues of over $75billion. Cargill Ventures is a diversified growth-capital investor across the information technology, life sciences and industrial technology sectors.

Commenting on the investment transaction, Mr Ravi Pandit, Chairman and Group Chief Executive Officer, KPIT Cummins, said KPIT Cummins would issue shares on a preferential basis to Cargill Ventures at a price determined in accordance to the Securities and Exchange Board of India (SEBI) Guidelines for preferential allotment of shares.

The warrants will be convertible into shares at the end of 18 months from the date of issue based on certain parameters, he added.

More Stories on : Preferential Allotments | Software

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