KPIT Cummins To Mop Up $9 M

KPIT Cummins Infosystems Ltd, IT consulting organization, will mop up $9 million through issue of preferential shares and convertible warrants to private equity investor, Cargill Ventures. An amount of $4.5 million (Rs 20.25 crore) will be raised by KPIT Cummins through issue of preferential shares to Cargill Ventures. The company will also issue warrants to Cargill Ventures, convertible into shares of up to $4.5 million. Cargill Ventures is a venture capital arm of Cargill Inc, a privately held company with operations in 63 countries. The issue of preferential shares will be at a price determined in accordance with the Securities and Exchange Board of India (SEBI) regulations, said a release from the company. The warrants will be convertible into shares at the end of 18 months from the date of issue based on parameters fixed by SEBI.