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Mascot's board nod for acquisition of eJiva, Aqua Regia

MUMBI DEC. 30. The board of Mascot Systems Ltd. has approved the acquisition of eJiva Ltd and Aqua Regia Technologies Pvt Ltd's solutions business for Rs. 47.34 crores ($9.96 million) payable in cash.

The board gave the nod to the proposal at a meeting held on December 28, subject to regulatory approvals, the Bangalore-based IT company informed the Bombay Stock Exchange today.

The acquisition of eJiva's solutions business for Rs. 45 crores (9.46 million) would be effective from January 1, 2003 and about $4.73 million would be paid upfront.

The balance amount would be paid in four equal quarterly instalments over 12 months, the company said.

The acquisition of Aqua Regia's business for Rs. 2.34 crores ($500,000) would be effective from April 1, 2003. The entire cash consideration for this deal would be paid on the same date.

Aqua Regia now has 150 technical employees at its development centre in Hyderabad, it added.

PTI

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