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News >> Technology >>
Fortis to acquire 28% in ACERC Information
By agencies
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Tuesday, 15 August 2006, 19:30 IST
MUMBAI: Fortis Financial Services Ltd on Monday said it would acquire a 28 percent stake in ACERC Information Technology Ltd., a Bangalore based IT services firm.
Fortis Financial has entered into a share-purchase and subscription agreement with ACERC Information Technology for acquiring 2.35 million equity shares, the company informed the Bombay Stock Exchange.
Under the agreement, Fortis Financial would issue up to 1.07 million equity shares to Sanjay Padode for 
70 per share or the price determined as per SEBI Guidelines on preferential allotment basis, subject to shareholders approval.
70 per share or the price determined as per SEBI Guidelines on preferential allotment basis, subject to shareholders approval.