Intrasoft Technologies files draft papers for rights issue

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Biznextindia : IntraSoft Technologies Ltd. (BSE: 533181, NSE: ISFT) has filed draft papers (Draft Letter of Offer) for Rights Issue of equity shares.

“The Company would be raising up to INR 50 crores via Rights Issue and the Net Proceeds of the Rights Issue shall be, inter alia, used for investment in our E-Commerce subsidiary, for funding our E-Commerce business & growth initiatives” Intrasoft said in a regulatory filing.

The Company has appointed mid-market investment banker, Pantomath Capital Advisors Pvt Ltd, to lead manage the Rights Issue.

“In this burgeoning world of E-commerce that is dominated by online marketplaces, IntraSoft plays the key role of bridging the gap between marketplaces that are end-consumer focused and brands that are product focused, enabled by the use of technology and data analytics. The Company deploys its own proprietary technology solution to process millions of orders across the U.S market with speed and accuracy. We are faced with a great opportunity and to fuel our growth plan, our Board has approved issuance of equity shares for up to INR 50 crores via Rights Issue. With the actualization of our growth plan, IntraSoft is expected to further strengthen its position in the near to medium term.” said Arvind Kajaria, Managing Director

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