Geodesic to acquire Chandamama

Geodesic Information Systems Ltd. said on Tuesday that in continuation of the resolution passed on January 22, the company would proceed with a cash and stock deal for the acquisition of up to 100% shareholding of Chandamama India Ltd.

As a part of the deal the company's Board approved a plan to acquire 94% of Chandamama India by partly paying cash and the balance by issuance of 317,617 equity shares of Rs2 each @ Rs265 per share.

The proposal is subject to the approval by regulators and shareholders.

Geodesic has convened an Extraordinary General Meeting (EGM) on March 31, to consider the acquisition and its terms.