GSS America Infotech Ltd has informed that the Board of Directors of the Company at its meeting held on September 02, 2008, inter alia, has decided the following:
1. Status of acquisition of Company with revenues of about US $ 110 Million: The Board has considered the status of the due diligence of the impending acquisition with revenues about US $ 110 Million. The Chief Executive Officer has informed the Board that the funds currently available with the Company will be utilized for this acquisition and the Company doesnt require any further dilution of equity for this acquisition.
2. Raising of funds through ADR / GDR / FCCB / QIP model: The Board has taken into consideration the CEOs note regarding the various other opportunities available for subsequent acquisition through inorganic growth model to reach US $ 500 Million annualized revenue over a period of time and the necessity to raise the funds in case the right acquisition comes through. In view of such opportunity, the Board has approved, subject to the necessary shareholders and statutory approvals, fund raising plan of upto US $ 75 Million through ADS / GDR / FCCB / QIP model at the right time for the right opportunity.
3. The Board has discussed on the Issue of shares / warrants to promoters and other identified persons and has decided to defer the same.
1. Status of acquisition of Company with revenues of about US $ 110 Million: The Board has considered the status of the due diligence of the impending acquisition with revenues about US $ 110 Million. The Chief Executive Officer has informed the Board that the funds currently available with the Company will be utilized for this acquisition and the Company doesnt require any further dilution of equity for this acquisition.
2. Raising of funds through ADR / GDR / FCCB / QIP model: The Board has taken into consideration the CEOs note regarding the various other opportunities available for subsequent acquisition through inorganic growth model to reach US $ 500 Million annualized revenue over a period of time and the necessity to raise the funds in case the right acquisition comes through. In view of such opportunity, the Board has approved, subject to the necessary shareholders and statutory approvals, fund raising plan of upto US $ 75 Million through ADS / GDR / FCCB / QIP model at the right time for the right opportunity.
3. The Board has discussed on the Issue of shares / warrants to promoters and other identified persons and has decided to defer the same.
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