Geometric Software to invest in US firm

Geometric Software to invest in US firm

By SiliconIndia   |   Thursday, 26 February 2004, 08:00 Hrs
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BANGALORE: Geometric Software Solutions Company has entered into an agreement with US-based Virtual Supply Chain Engineering Inc to make investment upto $500,000 in its 9% non convertible preference shares.

According to a release issued to the BSE, the company will make initial investment of $200,000 on signing the agreement. The balance investment will be made on VSCE achieving the specified targets of business benefiting the company from itself or its affiliates.

The preference shares will have put & call options based on time and achievement of pre-determined business targets, the release said.

VSCE will also issue a warrant to the company to purchase 25,000 shares of common stock at $7.5 each with call option at $1 for the warrant on achieving pre-determined targets. The warrant will expire in 5 years, the release stated.

The company subject to approval by its members in general meeting will offer VSCE 1,00,000 warrants convertible into equal number of equity shares within a period of 18 months from the date of issue, on preferential basis to be priced in accordance with SEBI guidelines, the release added.

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