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Our Bureau

Hyderabad, Nov. 7

Ind Global Corporate Finance, on behalf of Sahasra Investments and Mr G.Bala Reddy will make an open offer to acquire shares of SoftPro Systems Ltd., a Hyderabad-based technology company that will enable them to buy out Soft Pro.

Mr G. Bala Reddy, promoter of ICSA (India) Ltd., a technology solutions provider for the power sector, has invested in the company in his individual capacity through Sahasra Investments.

Speaking to Business Line, Mr Bala Reddy said that the company struck a deal with the promoters of SoftPro, lead by Mr Chand Akkineni, to pick up 25 lakh shares and also acquired additional 3 lakh shares from the open market.

Together, these investments work out to Rs 42 crore. The company is now making this public offer to acquire another 20 per cent equity share of the company of the 38 per cent with public and the deal is likely to be completed by January 2008.

The acquirers are now making an open offer to pick up 12 lakh equity shares at a price of Rs. 150 per share.

The open offer is expected to commence on December 28, 2007 and close on January 16, 2008.

More Stories on : Mergers & Acquisitions | Software

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