Financial Daily from THE HINDU group of publications
Thursday, Jun 12, 2003
Financial Daily from THE HINDU group of publications Thursday, Jun 12, 2003 |
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Info-Tech
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Software Ramco Systems plans to issue debentures Our Bureau
CHENNAI, June 11 RAMCO Systems Ltd has said that its board of directors at a meeting held today has decided to raise further capital either by issue of fully or partially convertible debentures or of equity shares or in any other manner, up to an amount of Rs 75 crore. It may be recalled that Ramco Systems' cash and bank balances for the year ended March 2002 were Rs 13.58 crore down from March 2001 when the figure was Rs 45.70 crore, which itself had slumped from Rs 87.60 crore for the year ended March 2000. A company statement said that the board had also decided to constitute and empower the committee of the board to decide about the size and timing of the issue, basis of offer, premium, instrument and other modalities of such issue. Asked why the company had decided to raise funds now, a company spokesperson declined comment.
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