Geometric Ltd, former Geometric Software Solutions Co Ltd, a provider of software services and products, has plans to restructure its business and capital. The company's board has approved the consolidation of its investment in its subsidiary companies.
The Mumbai-based software firm will consolidate its investments by having a single holding company in US in Geometric Americas Inc - a direct wholly owned subsidiary, Geometric Technologies Inc (in which Geometric holds 82 per cent and rest is held by Geometric Americas) and Powerway Inc where Geometric holds minority stake.
In a statement to the Bombay Stock Exchange, the company said that the capital restructuring is to create Investment Re-organisation Reserve account out of Security Premium Account, General Reserves and Profit & Loss account.
The new investment reserve account will be used for providing for diminution in the value of investments, impairment in the value of the goodwill, arising on consolidation and offsetting realisation of loss on sale on investments, if any, it said.
The company's share prices was trading at Rs 17.75, up 1.43 % at IST 1136 on the Bombay Stock Exchange.
