09 Aug 07 Shell Infotech Rights Issue
Shell Infotech Limited has informed the stock exchanges that the board of directors of Shell Infotech Ltd have approved the rights issue in the board meeting held today. Shell Infotech Ltd will issue rights shares to the shareholders of Shell Infotech Ltd in the ratio of 13 : 1 (13 rights for every 1 share held). The new shares will be of face value Rs. 10 each and will be issue at par. Shell Infotech Limited will use the funds raised from the rights issue for ongoing projects, expansion plans and as working capital. The authorised capital of Shell Infotech Limited will also be increased to accomodate the increase in the share capital of Shell Infotech Ltd persuant to the rights issue. The rights issue and the increase in authorised capital are pursuant to the approval from the shareholders of Shell Infotech Limited in the enusing AGM.
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