Silverline mulls 6% stake in US firm

MUMBAI: Indian software services firm Silverline Technologies Ltd. has deferred a proposal to acquire the entire shareholding of a software firm in the United States, the Bombay Stock Exchange (BSE) said on Tuesday.

At a meeting on Monday, the company's directors decided to consider making a strategic investment to acquire six per cent in the US-based TIS Worldwide Inc., the BSE said.

The Delaware-based TIS Worldwide is engaged in information technology consulting and e-business, with over 600 software professionals in 10 offices across the US and had a revenue of $104 million in 1999, it said.

Silverline's directors also decided to seek approval to reserve one million fresh equity shares for its employee stock plan for employees in India, and up to one million American Depositary Shares (ADS) for employees of its subsidiaries.

Silverline shares were down Rs 3.20 at Rs 418.75 in noon trade at the BSE, while the benchmark index was up 0.32 per cent at 4,407.73. The company's ADS, listed in the US, closed $2, down at $22 on Monday.

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