Date:13/01/2006 URL: http://www.thehindubusinessline.com/2006/01/13/stories/2006011303690800.htm

Back Globsyn picks 41.49% stake in Synergy Log-in

Our Bureau

Kolkata , Jan.12

GLOBSYN Technologies Ltd has acquired a 41.49 per cent equity stake in banking and financial services products vendor Synergy Log-in Systems Ltd, a BSE-listed company, for Rs 7.05 crore.

The deal has an equity component of Rs 6.15 crore and a cash component of Rs 90 lakh, said Dr Bikram Dasgupta, Chairman of the Globsyn Group.

Addressing a news conference held here on Thursday, Dr Dasgupta said that according to the arrangement, Globsyn had transferred its software division to Synergy Log-in. Synergy Log-in had made a preferential allotment of roughly 35 per cent of the enhanced equity stake in the company to Globsyn at a basic price of Rs 17.15 per share. Globsyn had also acquired around nine per cent of Synergy Log-in's equity at a price of Rs 15 per share, aggregating Rs 90 lakh. Globsyn now has a 41.49 per cent stake in the enhanced equity of Synergy Log-in.

An open offer has also been made for buyback of up to 20 per cent of the equity stake in the company from the existing shareholders at a price of Rs 17.15 per share.