R Systems BoD approves $1mln investment in Cisco-enabled solution

New Delhi, Dec 27 (UNI) R Systems International Ltd, providers of outsourced and offshore product development services, today said it will invest one million dollars to deploy Cisco-powered solutions to meet its existing and future business requirements.

The company's board has approved the investment proposal besides opening of a branch office in Belgium.

The Board of Directors have also approved the investment in equity shares of Aisel Corporation pursuant to the alliance agreement entered into between both the firms.

R Systems will allot 4,10,000 equity shares of Rs 10 each at a price of Rs 250 per share to Aisel Corporation, aggregating to Rs 10.25 crore, nearly 3.03 per cent of the company's equity.

It earlier signed a share purchase agreements with Aisel Company Ltd, a Tokyo-based independent systems development and business solutions provider.

These agreements are subject to the corporate and other regulatory approvals.

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