California Software - Outcome of Board Meeting

California Software Company Ltd has informed that the Board of Directors of the Company at its meeting held on June 11, 2007, inter alia, has approved the convening of Extraordinary General Meeting (EGM) of Shareholders on July 14, 2007 to approve (a) Increase in Authorised Capital from Rs 12 Crores to Rs 15 Crores (b) Alteration of relevant Capital clauses of Memorandum of Association and Articles of Association of the Company for the increase in Authorized capital (c) Approve raising of additional equity capital under section 81 (1A) of the Companies Act, 1956 and authorization to the Board to offer, issue and allot upto maximum of 23,93,600 Equity shares (face value Rs 10/-) of the Company as follows: (i) Bodies Corporate in Promoter group i.e - PACs and nominees - 22,00,000 (ii) Individuals in non-promoter category including NRIs -193,600 by way of placement on preferential allotment basis and subject to the pricing guidelines as issued by the Securities Exchange Board of India (SEBI) and other applicable regulations / Guidelines in this regard.