Scandent to raise Rs 135cr from Merrill

The board of directors of Scandent Solutions, which met today, approved issue of convertible bonds, aggregating up to Rs 135 crore, to Indopark Holdings, a wholly-owned subsidiary of Merrill Lynch.

According to a release issued by Scandent to the BSE today, the issue of securities is being made on a preferential basis at Rs 217.

An EGM will be held on February 28, 2006 to get shareholders' approval for the issue, the release added.

"The above investment is in lieu of the ICICI Ventures investment approved earlier by the board at its meeting held on October 19, 2005. The company will not be proceeding with the ICICI Ventures investment proposal now," the release added.