|
| Exchange Disseminated Time | HOV Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 28, 2010, inter alia, had considered and approved the followings:
1. Declared an interim dividend of Rs. 2/- per equity share of Rs. 10/- each of the Company for the FY 2009-10.
2. Actions of its wholly owned subsidiary, HOV Services, LLC entering into a Material Transaction in order to focus on end-to-end high growth, and margin services, improve operational efficiency and streamline decision making process by selling certain assets: 100% interest in Bay Area Credit Services, LLC, 100% interest in HOV AR Management Services Pvt. Ltd and its 30% minority interests in TRAC Holdings, LLC (TRAC) and SAM Holdings, LLC (SAM), to Rustic Canyon, LLC, an Associate, (which already has 70% ownership interest in TRAC & SAM) for $12 million USD in cash (approximately Rs. 5,563 lakhs). This Material Transaction is expected to close in the fourth quarter of fiscal year 2009-10 and is not expect to have a material effect on the Standalone results. |
|
|