The board of Kpit Cummins Infosystems has approved the issue of 1,631,747 equity shares to Cummins Inc, USA on a preferential basis for a cash consideration of upto US $ 5,400,000 at a price of Rs 130.09 per share of Rs 2 each. The board has approved the allotment of 41,490 equity shares under company's ESOP 2004 scheme.
The board has also approved to establish a joint venture company in British Virginia Island, with Symbio. The company will hold majority stake in this JV and the JV company will thereafter form a subsidiary in China.
Further, the board has appointed Mark R Gerstle as an alternate director to Anant Talaulicar, in place of Steven Chapman.
This was approved at the board meeting held on 17 October 2007.
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