Ramco promoters inject Rs 22 cr to hike stake

The promoters of Ramco Systems Ltd (RSL) have injected Rs 22.2 crore to hike their stake in the company in order to aid RSL's plan of forging more partnerships worldwide and increase the scope of their marketing activities.

Ramco Industries Ltd (RIL) has informed the National Stock Exchange that it, along with Madras Cements Ltd (MCL) and their promoters P R Ramasubrahmaneya Rajha and P R Venketrama Raja have acquired 6,11,449 shares of RSL.

According to company officials Ramco Systems will use the Rs 22.2 crore infusion to increase its marketing activities and forge more global partnerships with system integrators.

"The next phase of growth requires building global partnerships and upping our marketing initiatives. The funds will also be utilised for ongoing investments into new technology and products," said an official.

RIL has acquired 60,000 shares hiking its shareholding after the acquisition to 38,57,772 shares. Its shareholding aggregates to 31.55 per cent of the total paid up capital of the company now.

MCL has acquired 3,85,349 shares increasing its shareholding after the said acquisition to 16,94,248 shares aggregating to 13.85 per cent of the total paid up capital of the company.

P R Ramasubrahmaneya Rajha acquired 15,100 shares taking his shareholding to 2,90,545 shares aggregating to 2.38 per cent of the total paid up capital of the company.

P R Venketrama Raja acquired 1,51,000 shares making his shareholding post the acquisition to 5,10,025 shares. His shareholding now aggregates to 4.17 per cent of the total paid up capital of the company.

The date of acquisition or allotment is January 06, 2005 and the mode of acquisition was by way of preferential allotment at the rate of Rs 331 per share (face value per share Rs 10) and premium per share Rs 321.