Financial Daily from THE HINDU group of publications
Friday, Mar 22, 2002
Financial Daily from THE HINDU group of publications Friday, Mar 22, 2002 |
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Info-Tech
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Software Corporate - Private Placement Ancent to raise Rs 50 lakh thru private placement Our Bureau
PUNE, March 21 AN extraordinary general meeting of Ancent Software International Ltd, held on Thursday decided to issue five lakh equity shares of Rs10 each on private placement basis to ensure that only investors who are really interested in the company came in, according to the company management. These shares will have a lock-in period of one year. With today's decision the authorised capital of the company will go up from Rs 5 crore to Rs 5.5 crore. A company spokesman said that after the allotment, promoters/associates would hold 37.15 per cent shares against the pre-allotment position of 30.87 per cent. The holdings of corporate bodies will come down from 28.04 per cent to 25.49 per cent and that of the public from 41.09 per cent to 37.36 per cent. The total number of shareholders spread throughout the country is 4,000. Mr Ashok Babu, Managing Director, told Business Line that the mone raised was to be used as working capital and noted that the company was debt-free. ``We have no intention to borrow further,'' he added. Mr Babu said the US-based Maxwell Technology was investing in the company and would be bringing new projects. Maxwell will be investing close to Rs 15 lakh, which will be kept in the reserves. Maxwell is presently setting up offices in other parts of the world and down the year it will take up the marketing of Ancent products. It has already set up office in London. According to Mr Babu, Ancent has tied up with Healthrax of Hyderabad for the development of a new product in the health segment. The product would be incorporated into the existing hospital management system of Accent and would be marketed in the US. The product would be marketed by Maxwell, he said. Mr Babu said that the company, established in 1998, had not recorded good performance mainly due to lack of projects. However, the company was expecting to close some orders before the end of the current financial year.. ``If we do not close these orders then the performance would be slightly lower than the previous year,'' he said. The company had closed the previous year with revenue of Rs1.8 crore.
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