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The Hyderabad-based company, which operates in 25 global locations, is seeking shareholders' nod to allot a total of 44.96 lakh (44,96,000) shares to Mauritius-based Carrier International and Cyprus-based Global Investment, an Infotech communique to the Bombay Stock Exchange said.
The share allotment is proposed to be in two tranches -- 27.24 lakh (27,24,000) compulsorily convertible preference shares and issue of 17.72 lakh (17,72,000) equity shares, it added. The company is also looking to issue of 38.11 lakh (38,11,000) shares as underlying equity shares for the issue of ADRs to the foreign entities, subject to shareholders' approval.
Carrier International already holds over 14 per cent stake and other foreign investors in the firm include Merrill Lynch Capital Markets (1.32%), DB Fund Mauritius (1.41%) and BSMA Ltd (4.14%). All the securities, if the proposals are approved, would be allotted or be eligible for conversion into equity at a price of Rs 360 apiece.
"When fully converted, the total number of additional equity shares issued would be 83,07,697 and the company has called for an EGM of shareholders on June 23 to seek their consent," Infotech said.
IT services company Infotech specialises in verticals like Engineering Design Services (EDS), Geographic Information Systems (GIS) and IT services.