The Hindu Business Line : Innosoft acquires Gem Cables

Innosoft Technologies Ltd is set to acquire Hyderabad based Gem Cables & Conductors Ltd and turn it into a subsidiary by taking over equity shares of the promoters and their associates through swap ratio of equity shares to be decided by both companies. The board has authorised the Chairman and Managing Director of Innosoft, Mr Prasad Garapati, to finalise the formalities for the transaction, the company has informed the BSE after its board meeting held here today approved the acquisition.

The company has also approved the proposal of appointment of Aarthi Consultants, Hyderabad as its Registrars and Transfer Agents in place of XL Softech Pvt Ltd.

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