i-flex Solutions Ltd to capitalize further i-flex America to fund acquisition

i-flex Solutions Ltd has announced that the Board of Directors of the Company at its meeting held on August 14, 2006, inter alia, has taken the following decisions:

1. Acquire Mantas, Inc., USA in an all cash deal for US$ 122.6 million. This acquisition would be done through the Company´s wholly owned US subsidiary, i-flex America Inc.

Mantas Inc. is a leading provider of anti-money laundering (AML) compliance software and services. The Mantas Behavior Detection Platform is the industry´s most comprehensive solution for detecting risk, enhancing customer relationships and addressing regulatory requirements in the anti-money laundering, trading and broker compliance areas. The Mantas Behavior Detection Platform TM was named "Best Compliance Solution" in Waters Magazine´s 2003 Editorial Awards, and was named "Best Anti-Money Laundering Solution" for both 2004 and 2005.

2. Further capitalization of i-flex America Inc. to fund this acquisition.

3. Issue 4.447 million shares to Oracle Global (Mauritius) Ltd on a preferential basis subject to the approval of the shareholders of the Company and other applicable rules and regulations. The issue is sought to be at the price of Rs 1307.50 per share calculated as per SEBI guidelines.

4. Convene an Extraordinary General Meeting of the shareholders of the Company to consider and approve the preferential share issue to Oracle Global (Mauritius) Ltd.

Source : Equity Bulls

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