IOL Broadband To Be Renamed IOL Netcom; Pref Issue; Acquisition Of Exatt Technologies
By Nikhil Pahwa - Wed 05 Dec 2007 12:14 AM PST
The board of BSE listed IOL Broadband Ltd has approved a preferential issue of 2 million warrants at a price of Rs. 576 to “specified Investors”. That pegs the value of the issue at Rs. 115.2 crores. There’s no mention of whom the allotment has been made to, and we’re awaiting a response from IOL Broadband on the same.
The company’s board is also approved a change of name from IOL Broadband Ltd to IOL Netcom Ltd. This name change is probably necessary because the company is now entering the Voice Over Internet Protocol business - powering VoIP for MTNL. I was going through the archives of announcements from IOL broadband, and it appears that the company’s board had approved the amalgamation of Exatt Technologies with IOL Broadband on August 31st. As per Exatt’s site, it’s an ISP operating in 10 circles in India, in collaboration with local cable operators. It also provides VoIP services, which probably explains the acquisition.
Posted in: Broadband, Mergers & Acquisitions
