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Tuesday, Jun 25, 2002

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Corporate - Restructuring

Friday Corpn capital rejig plans hit snag

Ambarish Mukherjee
Nithya Subramanian

NEW DELHI, June 24

WEB content provider Friday Corporation's plans to restructure its capital has hit a roadblock following an apparent lapse in the scrutiny of the declarations made by it to the Reserve Bank of India (RBI).

The company had sought approval for change in its foreign partners.

Presently Morita Investments International of Japan, engaged in property business, holds 22,709 equity shares of Rs 10 each accounting for 13.88 per cent stake in the company.

It plans to bring in another Japanese company, namely, Raykay Inc, which will acquire these shares at a premium of Rs 2,045.13 per share.

As the company was providing content to print publications also, a sector in which no foreign investment is permitted yet, its application had come under scrutiny, sources familiar with the development said.

Friday Corporation is an information solution provider delivering comprehensive content solution to Web sites, corporate intranet, print and broadband Internet software providers.

The company has been recently in an acquisition spree in India and has already acquired Matrix Information Services Ltd, formerly a wholly-owned subsidiary of Kotak Mahindra. Currently it is in the process of acquiring the business information division of Vans Information Limited (VIL) and Vans Communications Ltd, a wholly-owned subsidiary of VIL.

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