Kaashyap Technologies to consider GDR issue for acquisitions

Kaashyap Technologies Ltd (KTL) has announced that the Company had acquired the consulting division of Logistics Solutions Inc., USA in 2007, which resulted in expansion of operations in the US.

Logistic Solutions Inc. which was founded in 1990 is a "global, high-end IT consulting company" specializing in contract positions within the Telecom, Finance, Pharmaceutical and Wireless market. In addition to staffing services they also provide software development and biometrics security implementation services to their clients in the US, Middle East and the Indian sub continent.

The Management is looking at a proposal to acquire upto 49% stake in Logistics Solutions Inc, USA, which would be through issue of Global Depository Receipts (GDRs) on a back to back basis in lieu of cash consideration amounting not more than USD 6 Million.

The Company's Board shall in its forthcoming meeting which is scheduled to be held on April 09, 2009, discuss and decide on the aforesaid acquisition.

The stock was trading at Rs.0.50, up by Rs.0.03 or 6.38%. The stock hit an intraday high of Rs.0.50 and low of Rs.0.46.

The total traded quantity was 545301 compared to 2 week average of 804577.

Source : Equity Bulls

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