Goldstone to issue shares to 4G's founder

Goldstone Technologies Limited, a Hyderabad-based software solutions and IPTV provider, will be issuing 3.44 lakh equity shares of Rs 10 each to Sreenivasa Rao Tripuraneni at Rs 144 per share as a part consideration for the acquisition of 51 per cent stake in 4G Informatics, a firm specialising in biometric identity solutions.

A resolution to this effect was approved by Goldstone's shareholders at the company's extraordinary general meeting last Friday.

Goldstone is acquiring 4G Informatics, founded by Tripuraneni, for an undisclosed sum. The company is using both cash and stock to fund the acquisition.

According to Goldstone sources, the cash component will be used to pay part of the consideration to the promoters of 4G Informatics and to fund the company's expansion. Tripuraneni will continue to manage the company along with its team.

Goldstone will be appointing two directors to the board of 4G Informatics. With this acquisition, Goldstone expects to get a firm foothold in the emerging identity solutions market in India.