The Board has also cleared Samsonite India's proposal to hike foreign equity held by global travel luggage major Samsonite Corporation to 65 per cent from the existing 60 per cent.

GE Capital will pick up 750,714 optionally convertible debentures of Infotech Enterprises on a preferential basis at a price of Rs 350 per OCD. GE Capital will have the option to convert the each OCD into one share at a price of Rs 350 per share. GE Capital will invest over $6.10 million (about Rs 27 crore) in the company.

The FIPB has directed the company to take approval from the department of economic affairs in the finance ministry for allotment of OCDs to GE Capital as it falls under the classification of foreign currency convertible bonds.Walden is investing a little over $1 million (about Rs 4.40) crore for purchasing 125,000 preferential equity shares of the face value of Rs 10 at a price of Rs 350 per share.

Callaghan Partners, the third strategic investors, will be allotted 1,000,000 share warrants of Rs 350 each on a preferential basis. Each share warrant can be converted into one equity share of Rs 350 each. GE Capital would be able to acquire a 10.70 per cent stake in Infotech Enterprises if it opts to convert the OCDs into equity shares. GE Capital would be picking up the OCDs in two parts. GE will pay full money upfront for Part A which would comprise of 375,357 OCDs. The Part A can be converted into equity shares at any time during 18 months from the date of investment at the option of GE. For Part B, GE Capital will pay 25 per cent of the subscription price of Rs 350 per OCD at the time of subscription. The conversion of 375,357 OCDs in Part B is linked to performance in terms of business generated by GE Capital for Infotech Enterprises.

Walden's investment is to the tune of 1.84 per cent of the equity capital of Infotech Enterprises while Callaghan Partners' stake would be 1.47 per cent if it decides to convert the share warrants into equity shares. Infotech Enterprises has brought in the three strategic investors to fund its existing infrastructure and acquisitions. The company has emerged as a major player in CAD and geographic information systems market.