Ramco Systems approve rights issue

Mumbai, Sep 12 (UNI) The Board of Directors of Ramco Systems Limited have approved issue of 25.35 million shares of face value Rs 10 each, at a premium of Rs 75 per share to raise upto Rs 130.55 crore.

The Board, which met yesterday, revised its earlier decision to raise Rs 173 crore in July through rights issue. The Company in a release here said one rights share would be issued for every one share held.

The Board also decided to go in for a warrant issue with the warrant issue basis, warrant conversion price and other terms and conditions in relation to the issue of warrant, to be decided by the Right issue 2008 committee.

Subject to the approval of the Stock Exchange/other necessary approval, the warrant are intended to be listed in the National Stock Exchange of India Limited (NSE), Bombay Stock Exchange Limited (BSE) and Madras Stock Exchange Limited (MSE), the release added.

UNI VK RN NP1230