Logix Micro converts 6.25 lakh warrants into equity

Logix Microsystems, a provider of software products focussed on automotive e-retailing solutions, has converted 6.25 lakh warrants into fully paid up equity shares of Rs 10 each. The warrants had been issued at Rs 250 per warrant in April 2006. The board of directors at a meeting held on September 29, approved this conversion.

Logix Microsystems reported 182% jump in net profit to Rs 3.78 crore, during the first quarter ended June 30, 2007 compared to the same period last year. Its revenues were up 62% to Rs 10.96 crore during the quarter.

Logix makes web-based automotive marketing software products under the brand name Izmocars for automotive dealers.