March 03, 2010 EDSERV SOFT - Outcome of Board Meeting

Edserv Softsystems Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 03, 2010, inter alia, has transacted the following businesses:

• Considered and approved the proposal to raise funds of not exceeding a sum of Rs. 130 Crores through Qualified Institutions Placement (QIP).
• Appointed HDFC Bank, Class I Merchant Banker as lead Manager to handle the QIP issue.
• Considered and approved the proposal raise the Authorized Capital of the Company from Rs. 14.00 Crores to Rs. 25 Crores in order to accommodate the above QIP.
• Decided to hold the Extra Ordinary General Meeting on March 25, 2010 to seek the permission of the shareholders for the above issues.
• Considered and approved the business acquisition of SchoolMATE & SmartLearn WebTV.