IT player 8K Miles Software Services is planning to raise Rs 500 crore through a mix of instruments including issue of equity shares or convertible bonds through qualified institutional placement (QIP), among others. The company’s board gave approval for the same at its meeting held on August 24. The company’s board has also approved to split the shares of the company having face value of Rs 10 each into two equity shares of face value of Rs 5 each.
Further, the board also recommended issue of bonus equity shares in the ratio of 1:3 (one bonus share for every three existing fully paid-up equity shares of face value of Rs 5 each) of the company by way of capitalisation in free reserves subject to the approval from the shareholders.
8K Miles Software Services is a global Cloud & Security solutions company. It provides digital technology solutions - SMAC (Social, Mobile, Analytics and Cloud) for seamless connectivity between consumers, SMBs, enterprises etc.
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