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Sanra Software to acquire two firms

The Chennai-based IT company is buying Pixalaya Studios Pvt Ltd and Drushya Entertainment Broadcast Streams Ltd for Rs 21 crore.

india Updated: Sep 06, 2006 14:36 IST

Chennai-based software company Sanra Software Ltd has decided to acquire Pixalaya Studios Pvt Ltd and Drushya Entertainment Broadcast Streams Ltd for Rs 21 crore.

At the meeting on Tuesday, the board approved the proposal to acquire Pixalaya for Rs 12 crore, by issuing 80 lakh equity shares of the company on a preferential basis to the shareholders of Pixalaya.

The shares of Sanra Software would be issued at a price of Rs 15 (including premium of Rs 5 per share) to the shareholders in lieu of their holdings in Pixalaya.

The decision to acquire Drushya for Rs 9 crore was also approved by the firm's board. The company said it would buyout Drushya by issuing 60 lakh shares on a preferential basis to the shareholders of Drushya. The shares would be issued at a price of Rs 15, Sanara informed the Bombay Stock Exchange.

The board approved issuing 32 lakh shares of the company on a preferential basis to G V Films Ltd as well, for Rs 4.8 crore.

The company said it had also received the board's approval for increasing the authorised share capital to Rs 30 crore and would seek shareholders approval at the EGM to be held on October 6 for the above proposals.