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Our Bureau

Chennai, Aug. 10

The Chennai-based California Software Company Ltd has announced that its US subsidiary, American HealthNet Inc (AHN), received an additional equity funding of $1 million (Rs 4.6 crore) from Andorra Ventures Corporation (AVC) to meet its expansion needs.

AVC, a Hong Kong-based angel investment and venture capital company, will hold about 18 per cent of the expanded capital of AHN, says a Calsoft communication to the Bombay Stock Exchange.

Simultaneously, Calsoft group's stake in AHN increased to 52.81 per cent through stock buyouts from existing shareholders. The company had acquired a majority stake of 51 per cent in AHN in February 2005 through the company's wholly owned US subsidiary CSWL Inc, the communication says.

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