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Mumbai, June 10 Geometric Ltd has sought shareholder approval to create a Rs 130-crore separate investment reserve as part of its financial reorganisation.

This will be used to set off losses against overseas investments (mainly previous acquisitions), it said in a filing with the Bombay Stock Exchange on Wednesday.

The Mumbai-based IT & engineering company will appropriate Rs 64.11 crore from its security premium account, Rs 12.3 crore from the general reserve and Rs 53.8 crore from the profit and loss account.

Geometric provides product lifecycle management solutions to auto companies and helps them deal with the entire lifecycle right from conception through design and manufacture to service and disposal.

“…The external environment unexpectedly and fundamentally altered during the last couple of year affecting business growth potentials. One of the biggest challenges during this period is the slowdown in the US engineering market and especially the automotive sector where over 75 per cent of US engineering revenues are concentrated,” the company said .

More Stories on : Software | Restructuring

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