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Hyderabad, Nov 24 Cambridge Technology Enterprises Ltd has decided not to proceed with the allotment of convertible equity warrants to Hansankit Trading Pvt Ltd, Transartica Company Ltd and Ibenstein Pte Ltd.

The decision to allot an aggregate of 30 lakh warrants to these companies (which was taken in September 2008) had to be withdrawn as they “have conveyed their inability to mobilise the required funds for participating in the preferential issue in view of the tight liquidity crisis and unfavourable market conditions,” the Hyderabad-based company informed the BSE.

The board of the company, however, would consider allotment of eight lakh equity shares on preferential basis for consideration other than cash to the shareholders of Protege Software Services Inc., USA, as part of purchase consideration for acquisition of Protégé. This would be formalised after the receipt of Foreign Investment Promotion Board which is under process, it said.

More Stories on : Preferential Allotments | Software

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