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 March 23, 2007, in pursuance to the authority given by the members in the Extra Ordinary General Meeting held on March 16, 2007, issued and allotted 3,081,326 equity shares of Rs 10/- each and 1,500,000 warrants (carrying an option / entitlement to subscribe to equivalent number of equity shares of Rs 10/- each) to Monet Ltd and 1,094,123 equity shares of Rs 10/- each to UTI Investment Advisory Services Ltd A/c. Ascent India Fund, for cash, all at a price of Rs 214.91 per equity share (including Share Premium of Rs 204.91 per equity share), on a preferential basis in terms of the SEBI (DIP) Guidelines, 2000 as amended from time to time.