Zylog Systems announced that Sthithi
Insurance Services, one of the promoters of the company, has increased its
holding in Zylog by 2.78 percent, bringing its total holding to 26.83 percent
from its earlier holding percentage of 24.05 percent.
This increase in the holding has been made
through the open market acquisition of 4,57,603 equity shares. This has been
carried out in accordance with the guidelines set under SEBI (Substantial
Acquisition of Shares and Takeovers) Regulations.
As a result of this acquisition the promoters
of the Company viz., Sudarshan Venkatraman, Ramanujam Sesharathnam and Sthithi
Insurance Services have increased their holding in Zylog from 36.68 to 39.46
We see the increase of this promoter holding
as a positive development, and a reflection on the strong profitability of the
company. We have, through a strong focus in our areas of expertise, carved a
niche for Zylog Systems in the IT products and Solutions space. We are
confident that our commitment to bringing class leading solutions to the market
will enhance the growth prospects of the company, and this will reflect in
substantial growth in our profitability,” said Sudarshan Venkatraman, chairman
and CEO, Zylog Systems.
Zylog Systems has consistently shown strong
performance over the last several quarters, and as reported earlier this month,
the company’s Q1 FY12 results have shown a 10.8 percent growth in revenues on a
year-on-year basis, along with a PAT increase of 27.5 percent on a YoY basis.
Recently, Zylog Systems India announced that
it is planning to launch Wi5 broadband services in another 110 small towns and
40 cities during the current fiscal.
Nearly 73 per cent of the company’s presence
is in underserved small towns while the rest is in cities. Zylog Wi5 has
already established its presence in over 150 towns and cities across India.
By Telecomlead.com Team