The Hindu Business Line : Cranes Soft shareholders okay proposed GDR issue

CRANES Software International Ltd (CSIL), a scientific and engineering software solutions provider, said on Monday that it has received the shareholders approval to go ahead with the proposed global depository receipts (GDR) issue and to increase its authorised share capital.

The company plans to issue 1.8 million fully paid equity shares in form of GDRs.

Following the proposed GDR issue, CSIL's paid-up equity capital will increase from 8,422,440 shares to 10,222,440 shares of Rs 10 each, said a company press release.

The company plans to fund its expansion plans in India and abroad using the GDR proceeds.

The company is expected to appoint a lead manager for the issue in a couple of weeks and expects to complete the issue in the current financial year.

The shareholders at an extraordinary general meeting also approved increasing the company's authorised share capital from Rs 11 crore (equity capital of Rs 9 crore and preference capital of Rs 2 crore) to Rs 14 crore (equity capital of Rs 12 crore and preference capital of Rs 2 crore).

The company also plans to fund its acquisition of IPRs and entering global marketing alliances for leading technical software and augment working capital requirements of its global business operations using the GDR proceeds.

The company has already announced plans to invest up to Rs 1 crore in the Bangalore-based Esqube Communication.

It also plans to enter into a worldwide marketing and distribution agreement for the Sigma Plot Line range of products with SPSS Inc, US .

The board has also approved the incorporation of a fully owned subsidiary or acquisition of a company in Germany at an investment not exceeding $1 million.

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