Kavveri Telecom Products’ board okays fund raising plan

Kavveri Telecom Products’ board has approved the proposal of raising funds by way of issue of QIP/ FCCB/ ADR/GDR or through any other mode of securities. The board of directors in their meeting held on June 2, 2011 approved the funds raising plan, subject to shareholders and other regulatory authorities’ approval.

The board in the same meeting approved the allotment of 20,00,000 equity shares - pursuant to conversion of warrants issued under preferential basis - to non-promoters and allotment of 8,00,000 equity shares - pursuant to conversion of warrants issued under preferential basis - to promoters.

The company’s net profit for the fourth quarter rose by 16.54% at Rs 7.75 crore as compared to Rs 6.65 crore for the corresponding quarter last year. Its total income increased by 37.19% at Rs 76.25 crore for the quarter under review from Rs 55.58 crore in the corresponding previous quarter. Meanwhile, the company registered a growth of 9.53% in its net profit for FY11 at Rs 34.12 crore as compared to Rs 31.15 crore for FY10.

Kavveri Telecom is a leading telecom products manufacturer, providing world-class, hardware products and solutions for the telecom industry. Kavveri Telecom combines expertise with experience to deliver state-of-art products and solutions spanning the wide spectrum of wireless telecommunications. The diverse range of products manufactured by Kavveri Telecoms includes antennas, RF components, repeaters, TMA/TMB and Solar Products.