November 10, 2006
The media had reports on November 09, 2006 that Accel Frontline Limited may acquire a Chennai based IT services company. Further, the company is in an advanced stage of picking up majority stake in a Bahrain based company.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Accel Frontline Limited has vide its letter inter-alia stated, " In response to a query raised on the acquisition of a Chennai based IT Services Company, it was mentioned that negotiations had progressed substantially. It was also pointed out that no Agreement or formal understanding had been reached with regard to the said acquisition till date. Further to above, in response to a query on expansion of our Middle East operations, it was pointed out that the Company believed that the Gulf Market had enormous potential and to tap the said market, we were exploring the possibility of picking up a stake in a Bahrain based Company, which would provide the Company a gateway to the Gulf Market. However, no Agreement or any formal understanding has been reached and the discussions are at a very nascent stage. "
Source: National Stock Exchange of India Limited
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