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Bangalore Oct 4 i-flex Solutions Ltd has informed the BSE that the board of directors of the company at its meeting held on Thursday has approved an additional investment of up to Rs 10 crore in equity/preference share capital of, and/or a term loan to, i-flex Processing Services Ltd, India, a wholly owned subsidiary of the company.

The board also approved an additional investment of up to $12 million in equity/preference share capital of i-flex America Inc., USA, a wholly owned subsidiary of the company. Further the company also allotted 6,300 ESOP shares of face value of Rs 5 each to the applicant employees of the company. The company is taking steps to list these shares on the stock exchanges.

The board also approved acquisition of the balance equity share capital of Castek Inc, Canada, an existing subsidiary of the company, by which Castek would become a wholly owned subsidiary of the company. The transaction is expected to get closed by March 2008.

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