The Hindu Business Line : Goldstone Tech completes Stay Top buy

GOLDSTONE Technologies Ltd has completed the acquisition of Stay Top Systems Inc, a provider of Oracle services. It plans to raise about $2 million either through equity or debt to augment additional capital.

The Managing Director of Goldstone Technologies Ltd, Mr K.S.V.Chalapathi Rao, in a statement said "our business models complement each other, while providing superior enterprise consulting services. With the acquisition of Stay Top and the restructuring process under way, the company sees expanding potential in the US market."

The FII participation for which nod was received at the EGM held in March has been completed. The company received $1million towards optionally convertible shares of 1.72 million in favour of Venus Capital Management and ITF Mauritius at the face value of Rs 10 and a premium of Rs 15 per share.

Mr Rao said Mr L.P. Shahikumar and Mr V. Srinivas, both directors, have resigned and the former Chairman of IFCI, Mr V.P. Singh, has been inducted on board.

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