Aptech GDR Subscription At $14.4 M

Mumbai, Nov 6: | Updated: Nov 7 2003, 05:30am hrs
Aptech Ltd, in a notice to The Stock Exchange, Mumbai (BSE), said that its GDR issuance dated on October 29, 2003 received subscription totaling $14.40 million.

The company notice added that its directors at a meeting on Thursday approved the allotment of 38,40,000 GDRs representing 153,60,000 underlying equity shares of face value Rs 10 each to (1 GDR equals 4 equity shares). The GDR issue closed on November 6, 2003.

The directors have further approved that the share certificate be originally issued in the name of the Depository, Deutsche Bank trust Company Americas.

Earlier, FE had reported that the company had planned to deploy the GDR proceeds acquisitions both in the domestic as well as investment in overseas subsidiaries, joint ventures and for repaymet of debt clearance.

Early this year, SSI acquired 27.18 per cent stake in Aptech from its promoters at a price of Rs 49.75 per share and acquired additional 20 per cent share through the open offer.

The board of SSI Ltd after acquiring over 47 per cent stake in Aptech Ltd also decided to raise $100 million from the overseas market and merge its education and training business with Aptech Ltd. In regards to the integaration of IT education and training business of SSI with Aptech, industry analysts opined that; Integration of the businesses of Aptech and SSI was the need of the hour for the ailing education training industry hit by falling volumes.