The Hindu Business Line : i-flex board okays issue of warrants to GE Capital

THE board of i-flex Solutions Ltd has approved the issue of warrants or options up to 0.5 per cent of the share capital to General Electric Capital Corporation.

These warrants and options are convertible at a future date into equal number of equity shares of face value of Rs 5 each, a news release said.

The board also approved the issuance of up to 80,000 warrants or options, convertible at a future date into equal number of equity shares of face value of Rs 5 each to IBM Global Services India Pvt Ltd.

"These are further options proposed to be given to IBM to strengthen the strategic relationship the company has with IBM Corporation," the release said. The exact number of options to be issued to IBM would be decided at a board meeting to be held after the AGM.

General Electric Capital Corporation and i-flex have signed a software licence agreement and related Master Software Implementation and Development Services Agreement and Statements of Work, licensing an enterprise-wide deployment of the Flexcube product suite for use with GE Capital's retail banking operations worldwide.

i-flex Solutions also said that Sicredi of Brazil has selected Flexcube and Reveleus as a key part of the business and technology transformation programme.

The company's board has also approved the reappointment of Mr Rajesh Hukku as the Managing Director.

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