Ybrant to List on BSE Following Merger with LGS Global

Thursday, June 28, 2012
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New Delhi: Hyderabad-based digital marketing firm Ybrant said it will get listed on the BSE following its merger with LGS Global. The company said the face value of the share has been changed from Rs 10 to Rs 2 for accounting purposes and does affect shareholding of the investors. Ybrant Digital had announced its merger with IT services firm LGS Global Ltd to create a global digital marketing powerhouse. The share exchange ratio for the merger was 6 equity shares of LGS of Rs 10 each, for every 1 equity share of Ybrant of Rs 10 each. The merger is subject to regulatory approvals from Indian stock exchanges and the High Court of Andhra Pradesh. The name of the amalgamated entity has now been changed from LGS Global Ltd to Ybrant Digital Ltd. "Ybrant Digital Ltd is all set to get listed on the BSE consequent to reorganisation of capital and fresh allotment of shares in the amalgamation. "The board took cognisance of the amalgamation of Ybrant Digital and LGS Global as directed by the honourable high court of Andhra Pradesh," it said in a statement. Trading of the stock 'LGS Global' has been temporarily suspended due to the procedural reasons to accommodate the changes stated, it added. The new Board of Directors of the company include Suresh Kumar Reddy M (Chairman and Managing Director) and Ramakrishna Vijay Kumar K (Executive Director). Ybrant Digital services global brands like Porsche, Ford, Swissair, Chevrolet, LaSalle and Lufthansa. Ybrant has, in the past, acquired US-based search engine and web portal company Lycos ($36 million) and three firms belonging to UK-based company Experian for $175 million. It has raised some $100 million in equity and debt from private equity funds, including Oak Investment Partners and GE Asia Pacific Capital.
Source: PTI
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