Sensex Trades Marginally Higher, Dow Futures Up By 120 Points

Following shareholder and regulatory approval, Corinth would be allotted 58.5 million new equity shares on a preferential basis. This shareholding would equate to a 9.4% equity stake in the company on a fully expanded capital base.

The board of directors has also approved allotment of 50 million fresh equity shares to the promoter group, at a price determined by the market regulator's pricing formula for preferential issuances, in lieu of the 98.5 million unsubscribed warrants issued in the last financial year.

While the new allotment would be at Rs 38 per share, it will be 52% higher than the earlier price of Rs 25 per for each warrant.

We will keep you posted on updates from this space. Stay tuned.

At the time of writing, shares of Morepen Laboratories were trading up by 4.9% on the BSE.

In news from the software sector...

Indiamart to Buy 26% Of Shipway Technology, Invest More in Truckhall

Indiamart Intermesh, through its wholly-owned subsidiary, Tradezeal Online, has agreed to acquire 26% of the share capital of Shipway Technology on a fully converted and diluted basis. Indiamart will acquire 100 equity shares and 4,088 Convertible Preference Shares (CCPS) of the company.

Shipway Technology is engaged in developing SaaS-based solutions that allow small businesses to automate their shipping operations.

Indiamart Intermesh has also agreed to acquire 3% of the share capital of Truckhall on a fully diluted basis in addition to 22% of the share capital (on a fully diluted basis) already held by the company.

Truckhall is inter-alia engaged in the business of creating an online marketplace and software development for the logistics industry including running and managing a digital platform 'SuperProcure'.

Through its wholly-owned subsidiary, the company will purchase 1,779 equity shares for a total consideration of up to Rs 13.3 million for a price of Rs 7,477 per share from IIM Calcutta Innovation Park. This investment shall be in line with the Indiamart Group's long-term objective of offering various Software as a Service (SaaS) based solutions for businesses.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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