Calsoft notifies stock exchange on rights issue

Chennai, Mar 27 (UNI) California Software Company Ltd (Calsoft) announced the record date and price for its proposed rights issue of 34,44,762 equity shares, with a face value of Rs ten each.

The ratio had been fixed as 7:10, with a rights share for every ten existing equity share.

Calsoft notified the stock exchanges today that the record date for shareholders to qualify for the issue had been fixed as April 12 and the price per rights equity share affixed at Rs 66, inclusive of share premium of Rs 56 per share, a release here said.

The rights issue was aimed at meeting the expenditure needed for expansion of offshore development centres, to meet the additional working capital erquierments, to invest in existing subsidiaries and to meet the expenses of the present issue.

The CMMi level five Calsoft, founded in 1992, including subsidiaries, employed over 700 employees, the release added.

UNI HV ROY 1653