Vishal Information to fund acquisitions through GDR issue

Vishal Information Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on October 01, 2008, has discussed and considered some of the proposals of acquisition in UK and Europe which are in the business of Document Management. The Board is also considering to acquire Legal Process Outsourcing Company (LPO) in UK.

For these acquisitions the Board has finalised to issue Global Depository Receipts (GDRs) to be listed on Luxembourg Stock Exchange's EURO ETF and MTF market or raising External Commercial Borrowing.

The Board has received various proposals from UK and Europe for lead managing the GDR issue and had decided to appoint an European Bank as Lead Manager and also as an advisor to the acquisition of Companies in UK / Europe.

The Board has given power to Mr. G S Chandrashekar, Director to finalise the terms with the European Bank for Lead Manager, Book Runner, Global Coordinator, Global Depository and Custodian and Listing Agent for the proposed GDR issue.

Mr. Sunil Parekh Director of the Company has given his resignation w.e.f. October 01, 2008, the Board has accepted the same. The Board wish to record its appreciation for the services rendered by Mr. Sunil Parekh, as Director since incorporation of the Company.

Source : Equity Bulls

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