The Hindu Business Line : Virinchi set to buy US co

VIRINCHI Technologies Ltd is close to acquiring a US-based company and will seek approval at the company's board meeting later this week. Later, it will seek shareholders nod to raise funds to meet its requirements.

Confirming this development, the Chairman and Managing Director of Virinchi, Mr Viswanath Kompella, told Business Line that the board at its meeting slated for August 27 will consider the acquisition of the US company. But refused to give further details on the grounds of announcement of the board meeting and consequent quire period.

Apart from taking on record the company audited accounts, the Virinchi board will take up the issue of offer of preferential shares or warrants to strategic investors, aimed at funding the acquisition plan.

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