UNFC to take 40 pct stake in Kaashyap Radiant

AsiaPulse News (accessmylibrary)
Mumbai September 13, 2002

MUMBAI, Sept 13 Asia Pulse - California-based United National Film Corporation (UNFC) will take a 40 per cent stake in Kaashyap Radiant Systems Ltd (BSE:KASH) subject to compliance with all formalities with the relevant authorities.

In a notice to the stock exchange, Kaashyap Radiant said that "UNFC has entered into advance stage of finalisation for an order of US$2.5 Million to produce computer graphics special effects and related software services from it".

The company also stated that UNFC will be taking a 40 per cent stake in Kaashyap Radiant subject to compliance with all formalities with Foreign Investment Promotion Board, Reserve Bank of India and the Securities and Exchange Board of India.

"It has completed due diligence and will be making open offer as part of the acquisition as per SEBI and other statutory norms," Kaashyap Radiant added.

(PTI) 13-09 1841