Ramco Systems to divest 100% stake in Ramco Infotech Solutions to TVS Interconnect Systems Ltd

Ramco Systems Ltd has announced that the Company has entered into a non binding Memorandum of Understanding with TVS Interconnect Systems Ltd, a wholly owned subsidiary of T V Sundaram Iyengar and Sons Ltd, to divest its 100% stake in its wholly owned subsidiary, Ramco Infotech Solutions Ltd. The closure of the transaction is subject to satisfactory due diligence, execution of definitive documents, approval by the respective Boards and regulatory clearances.

Accordingly, a meeting of the Board of Directors of the Company, is scheduled to be held on April 12, 2007, to consider amongst others things, the above proposal.

The stock has closed the day at Rs.123.25, up by Rs.3.40 or 2.84%. The total traded quantity was 34126 shares compared to 2 week average quantity of 12836 shares.

Source : Equity Bulls

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