Choksh Infotech Ltd (CIL) has informed that the Board of Directors of the Company at its meeting held on April 12, 2008, has approved the following:
1. Issue of Equity shares on preferential basis to all the existing shareholders (100%) of Ajel Technologies India Pvt Ltd (ATIPL) on Share Swap basis. All the existing shareholders will exchange their existing 7,50,000 equity shares of ATIPL for the fresh 71,50,000 shares being issued by Choksh Infotech Ltd on the exchange ratio of 143 shares of CIL for every 15 shares held in ATIPL. In view of this transaction, Choksh Infotech Ltd will own 100% of Ajel India and its wholly owned subsidiary in USA Ajel Technologies Inc.,
2. Ajel Technologies on a consolidated basis has posted revenues of Rs 32 Crores and has been focusing the Software Services since 2000.
3. By virtue of this share swap model, Mr. Srinivasa Reddy Arikatla will become the major shareholder of Choksh Infotech, post allotment, and hence will go through the SEBI Takeover guidelines in this regard.
4. Increase of Authorised Capital of the Company from Rs 3 crores to Rs 12 crores.
5. Convene Extra Ordinary General Meeting on May 15, 2008 for approval of above items.
1. Issue of Equity shares on preferential basis to all the existing shareholders (100%) of Ajel Technologies India Pvt Ltd (ATIPL) on Share Swap basis. All the existing shareholders will exchange their existing 7,50,000 equity shares of ATIPL for the fresh 71,50,000 shares being issued by Choksh Infotech Ltd on the exchange ratio of 143 shares of CIL for every 15 shares held in ATIPL. In view of this transaction, Choksh Infotech Ltd will own 100% of Ajel India and its wholly owned subsidiary in USA Ajel Technologies Inc.,
2. Ajel Technologies on a consolidated basis has posted revenues of Rs 32 Crores and has been focusing the Software Services since 2000.
3. By virtue of this share swap model, Mr. Srinivasa Reddy Arikatla will become the major shareholder of Choksh Infotech, post allotment, and hence will go through the SEBI Takeover guidelines in this regard.
4. Increase of Authorised Capital of the Company from Rs 3 crores to Rs 12 crores.
5. Convene Extra Ordinary General Meeting on May 15, 2008 for approval of above items.
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