Calsoft Rights issue to open on April 26
Mumbai, Apr 19 (UNI) California Software Company Ltd.(Calsoft) today announced its Rights Issue in the ratio of 7:10 i.e., 7 Rights share for every 10 existing equity shares.
The price per Rights share of Calsoft share will be Rs 66.
Total number of Rights shares issued will be 34 lakh 44 thousand seven hundred and sixty two(34,44,762).
Calsoft Rights Issue will open on April 26 and will be open for a minimum period of 30 days till May 25.
Calsoft has grown organically as well as through synergistic acquisitions in the last two finanical years. We needed to infuse additional equity to meet our further growth and expansion needs and chose to come out with a rights issue, said, Calsoft Managing Director&CEO S (Sam) Santhosh.
The objective of this rights issue are to meet the capital expenditure required for expansion of offshore development centres, meet the enhanced working capital requirements, invest in the capital of the existing subsidiaries to fund their expansion and capital needs, said, Calsoft Chief Financial Officer K Narasimha Nayak.
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