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Japan's Softbank buys 14% of VisualSoft
By
agencies,Wednesday, 17 August 2005, 00:00 Hrs
BANGALORE: India's VisualSoft Technologies Ltd. said on Wednesday that Japan's Softbank Corp. had bought a 14 percent stake in the software company for about $8.2 million.
Shares in VisualSoft, which makes software tools and offers services, rose as much as 7.7 percent to
167 on the news.
"We do anticipate a business relationship," Chief Financial Officer V. Krishnan said. He said this would mean a customer relationship directly with Softbank or through its help, but gave no details.
VisualSoft told the stock exchange that SAIF II Mauritius Co. Ltd., an offshore arm of the Japanese group that specializes in technology and Internet investments, acquired nearly 2.8 million shares of the company at 127 a share.
Softbank could increase its holding, Krishnan said in response to a question, but added there was no immediate proposal.
Shares in VisualSoft, which makes software tools and offers services, rose as much as 7.7 percent to
167 on the news. "We do anticipate a business relationship," Chief Financial Officer V. Krishnan said. He said this would mean a customer relationship directly with Softbank or through its help, but gave no details.
VisualSoft told the stock exchange that SAIF II Mauritius Co. Ltd., an offshore arm of the Japanese group that specializes in technology and Internet investments, acquired nearly 2.8 million shares of the company at
127 a share. Softbank could increase its holding, Krishnan said in response to a question, but added there was no immediate proposal.
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