Core Projects allots shares on conversion of FCCB, to acquire 100% of Aarman Inc, USA

Core Projects & Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on December 23, 2006, inter alia, has transacted the following:

1. Allotted 12,34,721 equity shares of Rs 10/- against the Conversion notices received from the following holders of FCCB;

a. Morgan Stanley Dean Witter Mauritius Company Ltd.

b. Deutsche Bank Ag, London.

c. Grants Investments Ltd.

2. The Company has entered into a Share Purchase Agreement for acquiring 100% of the outstanding capital of Aarman Inc, USA interalia engaged in implementation of ERP Systems, subject to fulfillment of conditions as mentioned therein.

Source : Equity Bulls

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