Intrasoft Tech files draft papers for rights issue; Stock up 1%

21 Mar 2022 , 10:15 AM

IntraSoft Technologies Ltd. on Saturday filed draft papers (Draft Letter of Offer) for Rights Issue of equity shares. The Company would be raising up to Rs50 crore 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.

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

At around 10.19 am, Intrasoft Technologies Ltd was trading at Rs206 per piece up by Rs2.1 or 1.03% from its previous closing of Rs203.90 per piece on the BSE.

“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 Rs50 crore 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.