Micro Tech – Outcome of Board Meeting

November 30, 2011 at 12:36 pm | Posted in The Market | Comments Off on Micro Tech – Outcome of Board Meeting

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Micro TechBSE: 532494NSE: MICROTECHISIN: INE358B01012
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14th-Nov-2011 17:43Source: BSE
Micro Tech – Outcome of Board Meeting
Micro Technologies (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 14, 2011, inter alia, has transacted the following :

1. The Board was informed that Micro secure solutions Ltd., a Company promoted by Micro Technologies has entered into an agreement with M/s. D. B. Corp Ltd (Dainik Bhaskar) for subscription of 2,25,000 shares at the rate of Rs. 450/- for consideration of Rs. 10,12,50,000/- only thereby pegging the valuation of the Company at Rupees 381.5 crores only.

2. The Board also noted the progress that after successful implementation of vehicle security in the logistic and supply chain management for oil companies the Company has now penetrated by taking care of their premises security including pipeline security and other such security avenues.

3. Further the Board was informed that the Company has been empanelled as an Enrolling Agency (EA) with the Planning Commission of India”s UIDAI (Unique Identification Authority of India) for undertaking demographic and bio metric data collection, The Company has also already entered into successful empanelment far Defence agencies and the Banking sector with various banks.

4. The Board was informed that Micro Secure Solutions Ltd. has set up a Subsidiary Company named Micro Secure Solutions HK Ltd. in Hong Kong. Considering the strategic location of Hong Kong through its easy access to tap the huge potential of the Chinese, Taiwanese and the other South East Asian Markets which shall result in ease of operations for the Company in lieu of its long terms vision.