Crazy Infotech Board approves rights issue

Crazy Infotech, the total IT solutions provider, has received approval from the board of directors for the proposal of raising of funds through a rights issue of equity shares up to Rs 50 crore at meeting held on August 24, 2009

The board formed and authorised a committee consisting of 2 directors and company secretary to decide the size of the issue, price, ratio and appointment of merchant bankers registrar, bankers to the issue, etc.

The committee has decided to finalise all the subjects in its next meeting.

The proposal of acquiring the business of a company, which is doing business in animation and IT products & services, was also approved as in-principal. The board is yet to receive complete information about the proposal to decide the ways and means to pursue on this subject.

Crazy Infotech is a proactive organization based in Chennai, India, specializing in customized software development, web development and website design with interactive flash and multimedia animation, system integration, networking solutions, corporate training, web promotion and consultancy services.