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Our Bureau

Chennai, March 12

Mascon Global Ltd has `in-principle' approved the acquisition of a US-based company and buying of `specified accounts.' According to information provided by the company to the stock exchange, the board has referred the decision to its investment committee for evaluation. The payment will be through a combination of cash and GDR issue. The board also approved the draft offering circular for a GDR issue of a total of $20 million (including a green shoe option of $5 million) subject to final approval from the Luxembourg Stock Exchange.

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