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News >> Technology >>
NetVision Web plans open offer on BSE advice
By siliconindia staff writer
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Tuesday, 04 January 2005, 20:30 IST
KOLKATA: The promoters of NetVision Web Technologies, an Ahmedabad-based IT company, are coming out with an open offer for equity sale.
The stock is listed on the Bombay Stock Exchange and the Ahmedabad Stock Exchange.
Following the direction of the BSE, the promoters are divesting 16.46 per cent stake in the company.
According to Mr Jagdish Akhani, President (finance & corporate affairs) of NetVision, the offer document is awaiting SEBI nod.
To increase the public holding, the promoters have agreed to offload a total of 42 lakh shares of Rs 10 each at a premium of Rs 40 per share. Meghraj Financial Services and KJMC Capital Markets (India) have been appointed as merchant bankers.
After touching a day's high of Rs 79.85, the stock on the BSE today closed at Rs 72.85 against its previous closing of Rs 70.20.
Mr Akhani said as per the company records on December 31, 2004, the promoters held around 51 per cent in the total paid-up capital.
The BSE directive on divestment was triggered by fresh listing of shares of the company after a reverse merger in 2001 through a scheme of amalgamation approved by the Gujarat High Court in which NetVision was amalgamated with a listed entity called Indotech Capital Market. Consequently, the name of the listed company was changed to NetVision Web Technologies and the capital market operations of Indotech were discontinued.
The present businesses of the merged entity include software and multimedia product development as also IT consultancy.