Geojit Financial Services Ltd has informed that the Board of Directors of the Company at its meeting held on May 23, 2008, has considered the proposals received from BNP Paribas based on its ongoing discussions with the management of the Company, aimed at leveraging the potential opportunities that BNP Paribas could offer to the Company to drive its future growth. On a detailed consideration of these proposals, the Board granted its approval to the following measures / initiatives:
1. Acceptance in principle by the Company, of BNP Paribas offer to invest Rs 60 crores into Geojit Technologies Pvt Ltd (GTPL), currently a wholly owned step down subsidiary of the Company engaged in IT software development and services, by way of subscription to 35% equity share capital of GTPL;
2. Subject to the approval of its shareholders, in principle acceptance by the Company of BNP Paribas offer for compensation of Rs 40 crores to Geojit Commodities Ltd (GCL) or the Company, in consideration of GCL a wholly owned subsidiary of the Company, surrendering, subject to applicable regulatory approvals, its membership of the commodities exchanges.
1. Acceptance in principle by the Company, of BNP Paribas offer to invest Rs 60 crores into Geojit Technologies Pvt Ltd (GTPL), currently a wholly owned step down subsidiary of the Company engaged in IT software development and services, by way of subscription to 35% equity share capital of GTPL;
2. Subject to the approval of its shareholders, in principle acceptance by the Company of BNP Paribas offer for compensation of Rs 40 crores to Geojit Commodities Ltd (GCL) or the Company, in consideration of GCL a wholly owned subsidiary of the Company, surrendering, subject to applicable regulatory approvals, its membership of the commodities exchanges.
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