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Strategies & Market Trends : India Coffee House -- Ignore unavailable to you. Want to Upgrade?

To: Mohan Marette who wrote (10114)	12/19/1999 9:02:00 PM
From: Mohan Marette	Read Replies (1) \| Respond to of 12475

Leading Edge acquires eCapital for Rs 950 crore ($220 mil) eCapital Solutions ecapsol.com Leading Edge Systems lesi.com Our Mumbai Bureau ET 19 DECEMBER THE BOARD of directors of information technology company Leading Edge Systems had approved the acquisition of ECapital Solutions, a start up founded in 1998 by former Hewlett-Packard (India) chief executive officer Suresh Rajpal. Leading Edge Systems will issue 7.3 million shares to the shareholders of ECapital Solutions to pay for the acquisitions. Based on Leading Edge's closing price of Rs 1,296 on the Bombay Stock Exchange (BSE), the value of the deal works out to Rs 950 crore.Mr Rajpal will take over as the chief executive officer (CEO) of Leading Edge Systems once the transaction is concluded. The equity capital of Leading Edge will go up Rs 14.35 crore from Rs 6.99 crore. In December 1998, Ind-Ocean Chase Capital had acquired a 60 per cent stake in ECapital Solutions for $9 million, which put the valuation of the company at $15 million. Ind-Ocean Chase Capital also owns a 12 per cent stake in Leading Edge.