Accentia Technologies gets FIPB nod for equity issuance

New Delhi, Dec 5 (UNI) Accentia Technologies Ltd today said it has got the Foreign Investment Promotion Board's (FIPB) approval for issuance of shares under SWAP to be issued to US-based firms such as GSR PBS Inc, GSR Systems Inc and Denmed Transcription Services Inc.

The firm, headquartered in Mumbai, had applied to FIPB for its approval to issue of 9,16,667 number of equity shares of Rs 10 each at a premium of Rs 170 on preferential basis to the shareholders of foreign acquisition companies in the US, like GSR PBS Inc, GSR Systems Inc and Denmed Transcription Services Inc.

As per the approval subject to stock exchange in-principle approval for allotment, the shareholders of Denmed Transcription Services Inc are eligible for 333,333 number of shares and GSR PBS Inc for 416,667 number of shares and GSR Systems Inc for 166,667 number of shares.

Accentia Technologies is engaged in providing software and business process outsourcing services, such as e-commerce, internet technologies, client server architecture, medical billing and coding, insurance claim processing, consultancy services, medical and business transcription services.

The company recorded total revenues of Rs 33.56 crore during the fiscal ended March 2007.

UNI