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CyberTech to get majority stake in Indian arm

The $28 million CyberTech International Corporation will be picking up a 51 per cent equity stake in its Indian associate, CyberTech Systems and Software Ltd after investing Rs 550 million through a preferential offer of equity.

The US firm will be buying 5.66 million shares at a premium of Rs 100 a share. The scrip had risen to Rs 225 during a recent bull run. The proposal is yet to be cleared by the Reserve Bank of India and the Foreign Investment

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Promotion Board though.

Company shareholders had cleared the plan for a preferential offer when the Rs 10 paid-up share was selling at Rs 100.

Currently, V Prasad Rao, promoter-chairman, CyberTech Systems, and his associates have a 59 per cent share, the rest being with the public. After allotment of fresh equity, CyberTech International will increase its holding to about 80 per cent of the Rs 102.5 million that makes up the Indian firm's enhanced paid-up capital.

-Compiled from the Indian media

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