Calsoft rights issue fully subscribed

New Delhi, May 31 (UNI) California Software Company Ltd (Calsoft) today announced that its Rights issue which closed on May 25, 2006, had been fully subscribed.

The company had made an offering of 34,44,762 equity shares of face value Rs 10 at a price of Rs 66 each, aggregating to Rs 22.74 crore in the ratio of seven rights equity shares for every 10 equity shares held as on April 12 2006.

Applications were received for a total of 38,24,311 equity shares including applications made for additional shares by equity shareholders/renouncees aggregating to Rs 25.38 crore.

''We plan to complete the allotment and refund process through the registrar to issue and in consultation with the designated stock exchange well within the statutory time limits and apply to have the shares listed on NSE and BSE in June, in line with In-principle approvals received,'' Calsoft CFO Narasimha Nayak said.

The objectives of this rights issue were to meet the capital expenditure for expansion of offshore development centers, meet the enhanced working capital requirements, to fund the expansion and capital needs of the existing subsidiaries and to meet the expenses of the present issue.

California Software Company Ltd (Calsoft) is a public limited company and employs over 750 employees. The group has development centers in Chennai and Bangalore, Pleasanton, (California), Boston and Omaha in the US.

UNI CS SBJ DS1620