Cranes Software approves capital infusion

BANGALORE: Cranes Software International Ltd., a scientific and engineering software solutions provider, has announced that its board of directors has approved the issue of equity shares on preferential basis.

Acording to the decisiuon taken at the board meeting, promoters/promotor group will get up to 800,000 equity shares of Rs.10- each and up to 400,000 equity shares of Rs.10 each to Spice One Colonizers Pvt. Ltd.

Following such issuance, the promoters' holding will increase to 38.0% from 34.6%. The issue will be priced at not less than Rs. 900 per share.

The objective of this infusion of funds is towards planned business expansions which include: Exploiting emerging growth opportunities through focused acquisitions, joint ventures and strategic alliances both in India and abroad; Acquisition of intellectual property rights and entering global marketing alliances for leading technical software products; Augmenting working capital requirements of the rapidly expanding global business operations.

The proposed issue of preference shares is further subject to the decision of the shareholders at the forthcoming Annual General Meeting of the Company to be held next month and in compliance with other statutory regulations.