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Geodesic to buy out Chandamama

March 07, 2007 14:20 IST
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Chandamama India Ltd, publisher of Chandamama, the hugely popular children's illustrated story magazine which has been as popular with adults, is being bought out by Geodesic Information Systems Ltd.

Geodesic Information Systems announced on Tuesday that its board of directors has okayed a resolution -- passed on January 22 -- to proceed with a cash and stock deal for the acquisition of up to 100% shareholding of Chandamama India Ltd.

Geodesic Information Systems Ltd had proposed to acquire 94% of Chandamama India Ltd by partly paying in cash and rest by issuance of 317,617 equity shares of Rs 2 each at the rate of Rs 265 per share to shareholders of Chandamama India Ltd on share-swap basis in line with Sebi guidelines, subject to the approval of the regulatory authority.

The company will convene an extraordinary general meeting on March 31 to consider the issue.

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