Maars Soft declares 1:1 bonus issue

BANGALORE, September 8: The board

of directors of Maars Software International Ltd. has decided to issue

bonus shares in the ratio 1:1. The equity base will double to Rs 14.36

crore. At a board meeting held on the 6th of September it was

also decided to adopt an employee stock option plan for its 550 odd

people. Approvals for setting up joint ventures in Europe to focus on

product marketing, project management and exploit new e-business

opportunities in local markets, were also passed.

The company's equity, as a result of a liberal bonus, would upsurge

from Rs 7.18 crore to Rs 14.36 crore. The company's stock valuations

post-bonus would largely depend on its capability to improve its earnings

to match the doubling of equity.

The company fared well in the first quarter ended March 1999, with a

net profit of Rs 2.5 crore as against Rs 1.1 crore in the corresponding

period last year. Turnover almost doubled from Rs 5.7 crore to Rs 11 crore.