KPIT Cummins Infosystems, a global IT consulting organisation, announced on Tuesday a definitive agreement with Cargill Ventures to issue shares of $4.5 million on a preferential basis, in addition to warrants convertible into shares of up to $4.5 million.
KPIT Cummins will issue shares on a preferential basis to Cargill Ventures at a price determined in accordance to the Securities and Exchange Board of India guidelines for preferential allotment of shares.
The warrants, also issued in accordance with Sebi guidelines, will be convertible into shares at the end of 18 months from the date of issue-based on certain parameters.
Cargill Ventures is a venture capital arm of Cargill Inc, a privately held company with operations in 63 countries and revenues of over $75
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billion. Cargill Ventures is a diversified growth-capital investor across the IT, life sciences and IT sectors.