Ramco Systems’ rights issue is priced at Rs155 per share, with a premium of Rs145 a piece. The issue would open on 5th May
Ramco Systems Ltd (Ramco), an IT consulting and software company announced that it would raise Rs123.35 crore through rights issue to meet its capital requirements. The rights issue will open for subscription on 5th May to 19th May.
Ramco said, existing shareholders holding 2 shares will get 1 share through the rights issue (rights entitlement ratio of 1:2 shares).
Ramco will issue total 79.58 lakh shares at Rs155 per rights share including a premium of Rs145 per share to its existing shareholders.
Ramco also mentioned that the issue closing date may be extended by the committee without exceeding 30 days from issue opening date.
A year ago on 30the May, the board of directors of Ramco has approved the raising of further equity capital by issue of equity shares on a rights basis for an amount not exceeding Rs125 crore. The board has also constituted a rights issue 2013 committee and delegated necessary powers to this committee to decide about the terms and conditions and other modalities of the rights issue.
During December 2013 quarter, Ramco Systems’ sales fell 19% to Rs39.80 crore from Rs49.21 crore and recorded net loss of Rs8.49 crore from Rs3.87 crore compared with same period a year ago.
Ramco on Tuesday announced its strategic partnership with France-based Schneider Electric to offer advanced process control optimization solution for cement customers.
At 3.46pm Thursday, Ramco System was trading 3% down at Rs190 on BSE, while the S&P BSE Sensex was marginally up at 22,759.
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