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| Cambridge Tech defers warrant allotment |
| BS Reporter / Hyderabad Nov 25, 2008, 00:51 IST |
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Cambridge Technology Enterprises (CTE), a Hyderabad-based provider of service-oriented, architecture-based solutions, has deferred its proposal to issue 30 lakh convertible equity warrants on a preferential basis.
The company said Hansankit Trading, Transartica Company and Ibenstein had conveyed their inability to mobilise the required funds for participating in the preferential issue of 10 lakh, 12 lakh and 800,000 convertible equity warrants, respectively in view of the tight liquidity and unfavourable market conditions.
CTE Chief Financial Officer Ramesh Reddy Y told Business Standard that the proposal for preferential allotment of 800,000 equity shares at Rs 111 a share to the shareholders of US-based Protege Software Services, however, was on track.
"The preferential allotment proposal had been put up for approval and we are awaiting the Foreign Investment Promotion Board’s approval. Our goal is to complete the acquisition of Protege in a month. However, it all depends on the regulator's clearances," Reddy added.
Post the acquisition, Protege Software, a provider of professional services for sites utilising Oracle’s suite of products and technologies, is expected to add $13 million (about Rs 65 crore) to CTE's revenue run rate and over 15 customers.
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