Rediff On The Net, Infotech: CMC equity base raised by Rs 98.5 million


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June 1, 1999

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CMC equity base raised by Rs 98.5 million

The Union Cabinet today approved a proposal for raising the public sector Computer Maintenance Corporation's current equity base of Rs 151.5 million by another Rs 98.5 million and reducing government holding in the company to 51 per cent.

T O D A Y

• CMC equity base up
• Vittal on Kerala IT
• Tata Honeywell results
• Cellular rentals

The meeting, presided by Prime Minister Atal Bihari Vajpayee, decided that the government's shareholding in CMC be slashed from 83.31 per cent to 51 per cent.

CMC has diversified its activities in areas of system integration and solution, software development, customer service and education and training.

CMC had sought to increase its capital base to support its business expansion ambitions.

UNI

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