R Systems International approves investment in Aisel Corporation, to open office in Belgium

R Systems International Ltd has announced that the Board of Directors of the Company at its meeting held on December 27, 2006, inter alia, have approved the following business:

1. Investment in equity shares of Aisel Corporation pursuant to the strategic alliance agreement entered into between Aisel Corporation & the Company subject to corporate and other regulatory approvals.

2. Allotment of 410,000 equity shares of Rs 10/- each at the price of Rs 250/- per share subject to the approval of the shareholders to Aisel Corporation pursuant to the strategic alliance agreement entered into between Aisel Corporation & the Company.

3. Allotment of 24,390 equity shares of Rs 10/- each at the price of Rs 105/- per share pursuant to the exercise of the stock options granted to the employees of the Company & its subsidiaries under the R Systems International Ltd - Year 2004 Employee Stock Option Plan.

4. Allotment of 22,800 equity shares of Rs 10/- each at the price of Rs 65/- per share pursuant to the exercise of the stock options granted to the employees of the subsidiary company ECnet Ltd under R Systems International Ltd - Year 2004 Employee Stock Option Plan-ECnet.

5. Investment of up to US$ 1,000,000 in CISCO solutions to meet the existing & future requirements of the Company's business.

6. Opening of a branch office in Belgium.

Source : Equity Bulls

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