Indian Infotech board approves raising up to $20 million of capital

By Tali Rackner

Norfolk, Va., July 30 – Indian Infotech & Software Ltd. informed the Bombay Stock Exchange that its board of directors met on Monday and approved raising up to $20 million of fresh capital by issuing foreign-currency convertible bonds, American Depositary Receipts or Global Depositary Receipts via qualified institutional placement or any other mode and using the funds for the expansion of business.

Any issuance is subject to the necessary approvals from regulating authorities as well as shareholders of the company.

The board also transacted the following:

• Disapproved the issue of bonus shares;

• Disapproved the dividend proposal for the year 2013-2014;

• Agreed to consider the appointment of new directors to the board; and

• Canceled the proposal of moving the registered office to Delhi from Mumbai.

Indian Infotech provides software development financial assistance and information technology consultancy services. It is based in Mumbai.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.