FFS Ltd acquires stake in Asian CERC IT Ltd

New Delhi, Aug 14 (UNI) The Ranbaxy group-promoted Fortis Financial Services Ltd (FFSL) today said it will acquire a 28 per cent stake in Asian CERC Information Technology Ltd.

Under the share purchase and subscription agreement, FFSL will acquire 23.5 lakh equity shares of Rs 5 each of ACERC Information Technology Ltd, amounting to 28 per cent of the current paid capital of the latter, at the prevailing market price, a company statement said.

This was decided at the Board meeting of the company held today.

The company has also decided to subscribe to 26.2 lakh equity shares of Rs 5 each, of Asian CERC Information Technology Ltd at Rs 53.25 per share.

The aforesaid shares shall be kept in an escrow account till the time stipulated by SEBI and other concerned regulatory authority(ies).

The price may also be determined as per market regulator Securities and Exchange Board of India (SEBI) guidelines, for preferential issue.

The issuance is subject to the approval of the shareholders and other regulatory approval(s), decided to offer, issue and allot, in terms of the agreement with ACERC Information Technology Ltd, upto 10.7 lakh equity shares of Rs 10 each of the company, to Mr Sanjay Padode at Rs 70 per share or the price as may be determined as per SEBI Guidelines for Preferential Issue, the statement said.

Fortis is an international financial services provider engaged in banking and insurance, and has a market capitalisation of EUR 38.7 billion as on April 30, 2006.

The company has a presence in 50 countries and a work force of 58,000.

Fortis has expertise in niche markets like shipping, commodities, export and project finance and fund administration. It also provides retail-banking services in France, Poland and Turkey, and combines its banking and insurance expertise in growth markets in Europe and Asia.

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