New Issue: Intelligroup raises $10 million in private placement of stock

By Sheri Kasprzak

New York, March 31 - Intelligroup, Inc. said it has closed a $10 million private placement.

The company issued 6,666,667 shares at $1.50 each to majority shareholders Softbank Asia Infrastructure Fund, LP and Venture Tech Assets Pvt. Ltd.

Following the deal, SAIF owns 36% of Intelligroup's outstanding stock and Venture Tech owns 26%.

Intelligroup, based in Edison, N.J., develops information technology products for corporations and public sector organizations.

Issuer:	Intelligroup, Inc.
Issue:	Stock
Amount:	$10 million
Shares:	6,666,667
Price:	$1.50
Warrants:	No
Investors:	Softbank Asia Infrastructure Fund, LP and Venture Tech Assets Pvt. Ltd.
Settlement date:	March 31
Stock symbol:	Pink Sheets: ITIG
Stock price:	$1.51 at close March 31

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