Kaashyap Technologies' board to mull acquisition of US-based Co

IRIS
December 07, 2007

Kaashyap Technologies announced that a meeting of the board of directors of the company will be held on Dec. 14, 2007, for the purpose of considering the proposal of acquisition of US-based SAP Centric/ Focus Company, which has a turnover over 25 Million USD.

The company is currently concentrating on SAP and it had recently set up a hi-end SAP Competency Centre at Chennai, which was inaugurated in November 2007. This centre of excellence is focusing on SAP related resource creation i.e., consultants, implementation tools, SAP remote hosting solutions and SAP based projects implementation and products.

The company is looking at having a team of more than 300 SAP professionals within a year`s time to cater to its global requirements. This acquisition is likely to be part-funded by allotment of GDRs amounting to 16.5 Million USD and also through foreign currency convertible bonds (FCCB), however, this is after obtaining approval from Bank of India (RBI).

The company informed that it has already obtained in-principle approval for the allotment of GDRs amounting to 16.5 Million USD from stock exchange.

Shares of the company gained Rs. 0.19, or 4.99%, to trade at Rs. 4.00. The total volume of shares traded was 6,782,787 at the BSE. (2:56 p.m., Friday)