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BSE SENSEX
74,143.12
+412.96
+0.56 %
Corporate Announcement
Security Code
531225
Company
Xtglobal Infotech Ltd
Exchange Received Time
14/03/2024 11:26:09
Exchange Disseminated Time
14/03/2024 11:26:10
Time Taken
00:00:01
Board Meeting Outcome for Approval Of The Further Acquisition Of 7% Stake In Network Objects Inc. (US Entity) |
3/14/2024 11:26:10 AM
1. The Board of Directors after deliberate discussions have taken a decision to further acquire 7% of total stake of Network Objects Inc, USA from its existing shareholder Mr. Srinivasa Raju Kosuri. After this acquisition Network Objects Inc. will become subsidiary company of XTGlobal Infotech Limited with a cumulative holding of 51.33% . This further acquisition will be executed based on the valuation of Network Objects Inc. and the consideration discharged by the Company in due course as per the terms and conditions of the share purchase agreement and the Foreign Exchange Management Act, 1999 read with applicable regulations. 2. The Board has authorised Mr. Ramarao Atchuta Mullapudi, Managing Director and/or Mrs. Vuppuluri Sreedevi, Whole-time Director to take all other steps as may be required for the Transaction
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