Net 4 India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 25, 2011, inter alia, had approved to make majority strategic investment into M/s Pipetel Communications Pvt Ltd.
M/s Pipetel Communications Pvt Ltd is engaged in the business of ISP Services (holding a category 'A' ISP License (All India) issued by the Govt. of India) and with the acquisition of majority stake, the overall operations of the Company would be diversified to include ISP services, in addition to other Network & Applications Services presently undertaken by the Company. The Company believe there are direct synergies between our existing business and ISP services, which would benefit both in the long run.
The investment in M/s Pipetel Communications Pvt Ltd will be made by purchase of Equity from existing Shareholders and also making additional investment for business growth, through preferential allotment of Shares of M/s Pipetel Communications Pvt Ltd. The aggregate investment by the Company for the purchase and further investments would be Rs. 4,16,50,000/- {INR Four Crore, Sixteen Lacs and Fifty Thousand (approx.)}.
Sensex
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Monday, March 28, 2011
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