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| Geodesic close to acquiring social networking firm |
| BS Reporter / Mumbai Sep 01, 2009, 00:48 IST |
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Mumbai-based Geodesic, a provider of communication, information and entertainment products on mobile phones and internet, is close to acquiring a firm in the communication and social networking space.
While the company declined to give any further details, a senior executive of the company said that the target firm has presence in geographies like Singapore, Europe and the US, and the firm will take at least three more weeks to close the deal.
This would be the second acquisition of the company in the calendar year 2009. In May this year, Geodesic had acquired South America-based software provider Interactive Networks for an undisclosed sum.
This is not the first time that the company is venturing on the inorganic path. In 2005, the company acquired three different firms for around $7 million. In 2007, the company purchased Chandamama — a 60-year-old children’s illustrated story magazine for $3 million.
The company had raised $125 million (around Rs 600 crore) by issuing foreign currency convertible bonds (FCCBs) last year. Of this, it has bought back $11.5 million (around Rs 56 crore).
The company’s stock closed at Rs 124.35, up 2.47 per cent from the previous close.
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