BCC Fuba India Approves Plan to Acquire 51% Stake in Iogems Technologies

MT Newswires Live11-28

B C C Fuba India (BOM:517246) said its board has approved acquiring a 51% equity stake in Iogems Technologies through investments made in one or more tranches, according to a Thursday filing on BSE.

The company may subscribe to, purchase, or convert into equity or preference shares, or invest through other permitted securities, the filing said. The board has also authorized providing loans, guarantees, or security to Iogems as needed.

All investments, loans, guarantees, and securities-both existing and proposed-will remain within the regulatory limit of either 60% of the company's paid-up share capital, free reserves and securities premium, or 100% of its free reserves and securities premium, whichever is higher, the filing said.

Shares of the company rose nearly 1% in Friday's trade.

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