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Xerox Modicorp to buy 20 pc stake in Modi Xerox Fin Services

Xerox Modicorp Limited, the joint venture company between the US-based Xerox Corporation and Modicorp, has announced that its open offer to acquire the public shareholding in Modi Xerox Financial Services Limited will now open on June 17.

The offer scheduled to open on June 11 has now been rescheduled on account of procedural issues. However, the last date for acceptance and payment remains unchanged at August 9.

All formalities for the offer have now been completed by Xerox Modicorp including despatch of the offer documents to the shareholders of Modixerox Limited and Modi Xerox Financial Services Limited.

B K Modi, chairman, Xerox Modicorp Limited, said there was an immediate need for major investment of funds and infusion of the best technological products and management practices.

''The first step in this process was the recently concluded Rs 864 million preferential issue which both the promoters had subscribed equally to. This phase of investment will continue for some time to come,'' he said.

Xerox Modicorp intends to buy 300,000 shares of Modi Xerox Financial Services at Rs 100 per fully paid equity share constituting 20 per cent of the total shareholding of the company.

Xerox Modicorp has also made an offer to buy 6.45 million shares of Modi Xerox Limited at Rs 135 per fully-paid equity share which constitutes 23.5 per cent of the total share capital of the company.

UNI

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