Date:02/03/2005 URL: http://www.thehindubusinessline.com/2005/03/02/stories/2005030202921000.htm

Back Megasoft allots pref shares to non-promoters

Our Bureau

Chennai , March 1

THE board of directors of Megasoft Ltd has allotted to non-promoters nine lakh convertible redeemable preference shares of Rs 100 each.

Each share is convertible into two equity shares of face value of Rs 10 each at a price of Rs 50 a share, including premium of Rs 40 per share within a period of 12 months from this date to non-promoters — I-Labs Venture Capital Fund, Mr Anish Mathew and Mr Rajagopalan Shyamsunder.

The company also issued seven lakh equity warrants of Rs 50 each to the company's promoter, Mr Ravindra Sannareddy (amount received Rs 35 lakh being 10 per cent of the face value warrants), according to a company press release to the Bombay Stock Exchange.