XTGlobal Infotech Ltd to increase stake Network Objects Inc, USA to 51.33%

The Board of Directors of XTGlobal Infotech Limited after discussions have taken a decision to further acquire 7% of total stake of Network Objects Inc, USA from its existing shareholder Mr. Srinivasa Raju Kosuri. After this acquisition Network Objects Inc. will become subsidiary company of XTGlobal Infotech Limited with a cumulative holding of 51.33%.

This further acquisition will be executed based on the valuation of Network Objects Inc. and the consideration discharged by the Company in due course as per the terms and conditions of the share purchase agreement and the Foreign Exchange Management Act, 1999 read with applicable regulations.

Network Object Inc. is a USA based entity, involved in IT and IT enabled services, having major business of US clients. It has strong technology team and deep expertise in IT services.

Shares of Xtglobal Infotech Ltd was last trading in BSE at Rs. 41.89 as compared to the previous close of Rs. 41.68. The total number of shares traded during the day was 53640 in over 166 trades.

The stock hit an intraday high of Rs. 43.00 and intraday low of 41.18. The net turnover during the day was Rs. 2255996.00.

Source : Equity Bulls

Keywords

XtglobalInfotech INE547B01028 StakeIncrease StakeAcquisition NetworkObjectsInc