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To: Mohan Marette who wrote (4730)	6/25/1999 11:04:00 AM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Ramco Systems to be demerged from Ramco Industries ramco.com About Ramco Systems. ramco.com WalletWatch walletwatch.com Date: 6/25/99 4:23:13 PM Ramco Systems targets US$40 mn sales in FY99 Ramco Systems is targeting sales of US$40mn in FY 2000. The company's GM Finance Mr. V. Suryanarayanan, announced this today. Following its decision to hive Ramco Systems into a new company, Mr Suryanarayanan said that the company's overseas investments estimated at Rs720mn. would be transferred to the new company. Ramco Systems has already embarked on an initiative to create highly productive and flexible technology framework for web-based business software development. Yesterday, the company said that shareholders of Ramco Industries would get 1 share in the new company for 1 share held by them in the parent company. Ramco Industries reported sales of Rs1.96 bn and a net profit of Rs1 58.6mn for the year FY99 ============================ Ramco Systems to be demerged from Ramco Industries Source : BL Jun 25, 1999, 9:50:48 AM Ramco Systems, the information technology division of Ramco Industries Ltd (RIL), is to be demerged from the company with effect from April 1, 1999. The shareholders of RIL would get one share of the new entity, Ramco Systems Ltd (RSL), for every share held by them in the former. After the necessary approvals are obtained, RIL would transfer the investments in its overseas subsidiaries - Ramco Systems Corporation, USA, Ramco Systems Ltd, Switzerland, Ramco Systems SDN BHD, Malaysia and Ramco Systems Pte Ltd, Singapore - to RSL for a consideration to be decided between the two companies. For this transfer, RIL would receive shares of RSL at a price to be mutually decided by the companies. According to a company press release, the division was set up in 1989 to develop high-end enterprise application solutions. RSL has already allocated about 16 per cent of its equity for allotment to employees under an employee stock option plan (ESOP).