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Krishnan Thiagarajan K.T

Shareholders of Info Drive Software can tender to the open offer being made at Rs 7 by Bhari Information Technology Systems (Bitech) and Mr V. N. Seshagiri Rao.

The open offer to acquire an additional 20 per cent equity stake follows a change in the management of Info Drive Software.

Though the offer price is unattractive, shareholders are better off exiting the stock. The software education business of Info Drive has incurred losses over the past three years. Bitech, the acquirer (involved in the business of software education and offshore development), is reeling under the impact of negative net worth. In a highly competitive software education arena, the synergies to be derived by integrating the education business of Bitech (the acquirer) and Info Drive will take a long time to accrue.

Keynote Corporate Services is the manager to the offer. The offer opened on July 12 and closes on July 31.

More Stories on : Open Offers | Recommendation | Software

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