Published on 3/31/2006 in the Prospect News PIPE Daily.
New Issue: Intelligroup raises $10 million in private placement of stock
By Sheri Kasprzak
New York, March 31 - Intelligroup, Inc. said it has closed a $10 million private placement.
The company issued 6,666,667 shares at $1.50 each to majority shareholders Softbank Asia Infrastructure Fund, LP and Venture Tech Assets Pvt. Ltd.
Following the deal, SAIF owns 36% of Intelligroup's outstanding stock and Venture Tech owns 26%.
Intelligroup, based in Edison, N.J., develops information technology products for corporations and public sector organizations.
Issuer: | Intelligroup, Inc.
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Issue: | Stock
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Amount: | $10 million
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Shares: | 6,666,667
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Price: | $1.50
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Warrants: | No
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Investors: | Softbank Asia Infrastructure Fund, LP and Venture Tech Assets Pvt. Ltd.
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Settlement date: | March 31
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Stock symbol: | Pink Sheets: ITIG
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Stock price: | $1.51 at close March 31
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