Fortis Financial Services Ltd acquires stake in Asian CERC Information Technology

Fortis Financial Services Ltd has announced that the Board of Directors of the Company at its meeting held on August 14, 2006, has;

1. Entered into Share Purchase and Subscription Agreement with ACERC Information Technology Ltd for acquiring 23,52,000 Equity Shares of Rs 5 each aggregating to 28% of the current paid capital of the ACERC Information Technology Ltd at the prevailing market price.

2. Decided to subscribe to 26,28,000 Equity Shares of Rs 5 each of Asian CERC Information Technology Ltd at Rs 53.25 per share or the price as may be determined as per SEBI Guidelines for Preferential Issue (Chapter XIII of the SEBI (Disclosure and Investor Protection), Guidelines, 2000, whichever is higher, on Preferential Allotment basis.

3. Subject to approval of the Shareholders and other regulatory approval(s), decided to offer, issue and allot, in terms of the Share Purchase and Subscription Agreement with ACERC Information Technology Ltd, upto 10,71,400 Equity Shares of Rs 10 each of the Company to Mr. Sanjay Padode at Rs 70 per share or the price as may be determined as per SEBI Guidelines for Preferential Issue (Chapter XIII of the SEBI (Disclosure and Investor Protection), Guidelines, 2000 whichever is higher, on Preferential Allotment basis.

Source : Equity Bulls

Keywords