Press ReleasesCranes Software's Board Approves Capital Infusion Through Preferential Allotment
Bangalore, 29 August 2005:
Cranes Software International Ltd. (CSIL), a global scientific and engineering software solutions provider, has announced that it has received the approvals for an issue of equity shares on preferential basis at its Board of Directors meeting held earlier today as follows:
- Issue of upto 8,00,000 equity shares of Rs.10/- each to the Promoters / Promoter Group
- Issue of upto 4,00,000 equity shares of Rs.10/- each to Spice One Colonizers Pvt. Ltd.
This will increase the current promoters holding from 34.62% to 38%.
The objective of this infusion of funds is towards planned business expansions that will include:
- Exploiting emerging growth opportunities through focused acquisitions, joint ventures and strategic alliances both in India and abroad;
- Acquisition of intellectual property rights (IPRs) and entering global marketing alliances for leading technical software products;
- Augmenting working capital requirements of the rapidly expanding global business operations.
Commenting on this development, Asif Khader, Managing Director, Cranes Software International Limited, said:
"Cranes Software has a track record of rapidly expanding its global software business and based on our planned initiatives we remain confident of the growth opportunities ahead of us. The currently planned investment reflects our complete focus and commitment to the growth of Cranes Software's business operations. The capital infusion will enable further expansion of our business both organically and through inorganic opportunities."
The proposed issue of preference shares is further subject to the decision of the shareholders at the forthcoming Annual General Meeting of the Company to be held on 27th September, 2005 and compliance with other statutory regulations.
About Cranes Software International Ltd. (CSIL)
Cranes Software is a global scientific & engineering products and solutions provider. The Company's business interests straddle products, services, R&D in future technologies, training and high-end consultancy for engineers and scientist worldwide. Focused on the scientific and engineering community, Cranes Software has addressed the needs of a variety of customer groups ranging from large MNCs to the US armed force for over a decade.
Today, Cranes Software has its presence in 38 countries across the world and has a customer base of more than 350,000. Cranes Software also offers world-renowned solutions from reputed principals such as The Mathworks, Mentor Graphics, Texas Instruments, IBM and Lanner through product alliances.
With a mission statement to provide its customers the best in scientific technology and to enable its customers to define new limits, Cranes Software is setting new standards in the scientific and engineering field.
For further information on the company, its products and services please log on to www.cranessoftware.com
Certain statements in this release concerning our growth prospects are forward-looking statements. These forward-looking statements are subject to certain risks and uncertainties, including government actions; local political or economic developments; technological risks; risks inherent in the Company's growth strategy; dependence on certain clients; dependence on availability of technical consultants and other factors that could cause our actual results to differ materially from those contemplated by the relevant forward looking statements. The Company undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
For further information, please contact :
Contact : Akila Lean (Cranes Software International Limited)
Phone : +91 80 25201604 / 5 / 6
Fax: +91 80 25201626
E-mail :
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Contact : Shiv Muttoo (Citigate Dewe Rogerson)
Phone : +91 22 2284 2728
Fax : +91 22 2284 4561
E-mail :
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