Financial Daily from THE HINDU group of publications
Friday, Sep 03, 2004
Financial Daily from THE HINDU group of publications Friday, Sep 03, 2004 |
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Info-Tech
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Software i-flex board okays issue of warrants to IBM Global Services Our Bureau
Mr Deepak Ghaisas
Mumbai , Sept. 2 THE board of directors of i-flex Solutions Ltd has approved a proposal to issue warrants to IBM Global Services India Pvt Ltd. At the board meeting held here, i-flex has decided to issue 91,347 options or warrants convertible at a future date into equal number of equity shares of face value of Rs 5 each to IBM, according to a company notification to the Bombay Stock Exchange. The board also allotted 8,250 shares to employees under the stock option plan. "The options being allotted amount to 1.3 per cent of the company. We are the first Indian company to share such an alliance with IBM and they were ready to put money in i-flex equity showing a commitment on their part," Mr Deepak Ghaisas, CEO (Indian operations) and CFO, i-flex Solutions Ltd told Business Line. In 2003, IBM forged a global strategic alliance with IBM to deliver and market core banking replacement solutions to medium and large size banks in major markets worldwide. Under the terms of the agreement, i-flex would make Flexcube for retail banking available, in a phased manner, on IBM's J2EE-based WebSphere Internet infrastructure software and DB2 Universal Database. Meanwhile, i-flex has bagged an order from Ayudhya JF Asset Management, one of the largest mutual fund firms in Thailand with over $1.5 billion funds under management. AJF has selected Flexcube Investor Services as the technology platform for its Unit Trust Management operations. Flexcube would provide a platform for effective fund marketing, management of intermediaries and time bound handling of investor transactions, informed a company notification to the BSE.
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