Cranes Software board agrees capital expansion, GDR issue

Mumbai: Cranes Software International (www.cranessoftware.com), a global scientific and engineering software solutions provider, has announced that it has received the following approvals from its board of directors at their meeting held earlier today:

• Increasing its authorised share capital from Rs 110 million to Rs 140 million, including an equity capital of Rs 120 million and a preference capital of Rs 20 million (currently Rs 90 million and Rs 20 million, respectively).
• Issuance of 1.8-million fully-paid equity shares in the form of global depository receipts (GDRs) of the company, with the objective of contributing to the funding requirements related to its planned business expansions, which include:
  1. Exploiting emerging growth opportunities through focused acquisitions, joint ventures and strategic alliances in India and internationally;
  2. Acquisition of intellectual property rights (IPRs) and entering global marketing alliances for leading technical software products;
  3. Augmenting working capital requirements of the rapidly expanding global business operations.
• Organising an extraordinary general meeting (EGM) on 5 January 2004 to gain shareholder approvals of the planned capital expansion and GDR issue, as mentioned above.