Financial Daily from THE HINDU group of publications
Sunday, Nov 13, 2005
Financial Daily from THE HINDU group of publications Sunday, Nov 13, 2005 |
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Investment World
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Open Offers Info-Tech - Open Offers SSI: Reject Krishnan Thiagarajan
SHAREHOLDERS of SSI can reject the open offer being made by the promoters of the company at Rs 45 per share. The current market price of Rs 82 is higher than the open offer price. The promoters of SSI are making the open offer to pick up an additional 20 per cent equity stake following a preferential allotment of equity/warrants made to them at Rs 40 per share/warrant. The allotment of equity/ warrants was completed on August 31. According to the offer document, SSI is in the process of restructuring its operations and proposes to make strategic investments to exploit short-to-medium-term business opportunities. Beyond this, nothing else has been spelt out.
Since transferring the IT education and training business to Aptech in June 2003 and IT Services business to Scandent Networks in September 2004, SSI has not derived any revenues from its core operations. In the latest quarter ended June 30, 2005, it earned `other income' of Rs 1.4 crore and registered a loss of Rs 4.41 crore.The offer opened on October 28 and closes on November 16.
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