Cambridge Technology Enterprises Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 05, 2009, inter alia, has considered and approved the following:
1. Issue and allotment of 27,81,599 convertible equity warrants on preferential basis to M/s Verve Developers Pvt Ltd at a price determined in accordance with the provisions of SEBI Guidelines.
2. Approval of definitive agreement to divest the Company’s wholly owned subsidiary CTE Global Solutions Pvt Ltd. This measure is part of the ongoing effort of simplifying and enhancing the efficiency of the company’s global operations and its corporate structure. All the employees and the global delivery services being provided by CTE Global Solutions Pvt Ltd to CTE-US will be transferred to CTEL’s Bangalore branch as part of this business restructuring.
