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Maars plans subsidiaries in UK, US

The company aims to get government approval under the fast-track project within the next two weeks for the Atlanta project.

T O D A Y

• Sodhi strikes back • Infosys plans • Dishnet's promise • Maars subsidiaries

P Emerson Andrews, company secretary, Maars Software, has been quoted as saying that the company has huge orders to be executed in Atlanta and the UK.

"For various benefits ranging from visa to independence of operations, the company is setting up wholly owned subsidiaries instead of branch offices in these places,'' he added.

Maars already has a subsidiary, Hi-Tech Software Services Inc, in Charlotte, North Carolina. Setting up new subsidiaries would be subject to approval from shareholders, institutions and the Reserve Bank of India.

Maars has proposed a preferential issue of 2.08 million equity shares to Indian corporations. Oscar Bio-Tech Private Limited, Delta Aromatics Private Limited and Panther Fincap and Management Services Limited have guaranteed subscription to the issue.

These companies would be allotted around 2-3 per cent of the equity, according to him.

Andrews added that the issue has not been finalised as yet and would be done once shareholders approve the placement. The base price as per the SEBI formula is Rs 258 per share.

Maars proposes to raise not less than Rs 400 million from the issue. The proceeds of this issue along with reserves amounting to Rs 90 million would be used to fund the overseas expansion.

- Compiled from the Indian media

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