Spanco Telesystems - Outcome Of Board Meeting

Spanco Telesystems & Solutions Ltd has informed that the Board of Directors of the Company at its meeting held on February 19, 2007 has considered and approved the proposal of raising of funds / resources up to Rs 125 Crores, for the business and proposed expansion plans / programme of the Company by offering and issue of 4,175,449 equity shares of Rs 10/- each and 1,500,000 Warrants carrying an option / entitlement to subscribe equivalent number of equity shares of Rs 10/- each, both at a price of Rs 214.91 (inclusive of Rs 204.91 towards share premium), on preferential basis to the following proposed allottees by way of Preferential Allotment, in terms of provisions of Chapter XIII of the SEBI (DIP) Guidelines, 2000 and to seek the approval of the members of the Company, decided to convene an Extra-Ordinary General Meeting of the Members of the Company on March 16, 2007.name of Proposed Allottees:1. Monet Ltd (ChrysCapital) - 3,081,326 (No of Share)- 1,500,000 (No. of Warrants)2. UTI Investment Advisory Services Ltd A/c Ascent India Fund - 1,094,123 (No of Shares).