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News >> Technology >>
KPIT Cummins to acquire CG-Smith
By agencies
|
Tuesday, 07 March 2006, 20:30 IST
PUNE: Pune based mid tire IT services company KPIT Cummins Infosystems Ltd said it would acquire 100 percent stake in Bangalore-based CG-Smith Software Pvt Ltd for 
38 crores.
KPIT Cummins would pay 35 crores upfront and balance after six months upon fulfillment of certain performance conditions for the 100 percent stake in the software solutions and services company, the IT company informed the Mumbai Stock Exchange.
The board has also approved the allotment of 148,830 equity shares to the shareholders of Pivolis, a company that was acquired by the KPIT Cummins in November 2005 in accordance with the SEBI guidelines, it said.
The allotment of shares was pursuant to the resolution passed by the shareholders of the company, in their meeting held on December 20, 2005 and subsequent to the FIPB approval on March 02 issued in this regard.
38 crores.
KPIT Cummins would pay 35 crores upfront and balance after six months upon fulfillment of certain performance conditions for the 100 percent stake in the software solutions and services company, the IT company informed the Mumbai Stock Exchange.
The board has also approved the allotment of 148,830 equity shares to the shareholders of Pivolis, a company that was acquired by the KPIT Cummins in November 2005 in accordance with the SEBI guidelines, it said.
The allotment of shares was pursuant to the resolution passed by the shareholders of the company, in their meeting held on December 20, 2005 and subsequent to the FIPB approval on March 02 issued in this regard.