Hyderabad-based Internet service provider (ISP), Nettlinx Limited, has acquired the ISP business of My Guru Online Limited. The company’s board has approved for issue of 4,33,000 equity shares of Rs 10 each on a preferential basis to the promoters of My Guru in consideration of the acquisition.
According to Nettlinx executive director Vijay Bhaskar Reddy, the equity shares will be issued to My Guru at a price to be determined as per the guidelines of the market regulator Securities and Exchange Board of India.
The six-month average market price of Nettlinx’s equity share stood at Rs 13. The company will convene an extraordinary general meeting of its shareholders for the purpose of issue of shares.
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