The board of Mindteck India has decided that in view of the recent regulatory changes relating to overseas direct investment and on further consideration of the matter relating to the acquisition of Mindteck UK, Mindteck Singapore, Chendle Holdings and ICI Tech Holdings Inc, the board of directors of Mindteck India, at its meeting held on 13 October 2007 have decided to reinstate the earlier proposal to acquire the shares of the aforementioned companies directly on cash / stock basis rather than effecting such acquisition through its wholly owned subsidiary Mindteck BPO Services as previously advised by its letter dated 03 September 2007.The board also issued and allotted 800,377 equity shares in the company having a face value of Rs 10 at a premium of Rs 63.54 per equity share as fully paid-up to Banco Efisa S.A., a Portuguese Bank, for a consideration of Rs 58,859,725.
The board also approved the simultaneous issue of new equity shares of the company of upto 20,000,000 equity shares to shareholders of the target companies as consideration for the acquisition of shares of the target companies, and of upto 5,000,000 equity shares of the company to financial investors on private placement basis.
These were approved at the board meeting held on 13 October 2007.
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