Info Drive to acquire balance 74% of Bhari Information Technology

Info Drive Software Ltd has announced that the Board of Directors of the Company at its meeting held on August 23, 2007, has passed the following resolutions:

1. To allot 42,38,890 Equity Shares of Rs 10/- each at a price of Rs 36/- per Equity Share or at such price as per the SEBI Pricing formula under Preferential Allotment guidelines, aggregating to Rs 15.26 crores to the existing Shareholders of M/s. Bhari Information Technology, SDN., BHD., Malaysia (BM), on a preferential allotment basis towards acquisition of remaining 74% of equity shares of BM, thereby making BM a Wholly Owned Subsidiary of the Company.

2. To convene an Extra Ordinary General Meeting on September 19, 2007 to seek the approval of the Shareholders for the resolution passed as above.

Source : Equity Bulls

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