Date:28/11/2007 URL: http://www.thehindubusinessline.com/2007/11/28/stories/2007112852560300.htm

Back Summit, Horizon TV exercise option to convert Goldstone warrants

Our Bureau

Hyderabad, Nov. 27 Summit Communications and Horizon Television have exercised their option to convert warrants of Goldstone Technologies to shares. Consequently they have been allotted 2,70,000 shares each equivalent to 14.67 per cent of the latter’s equity.

When contacted, the Group Chief Executive Officer of Goldstone Group, Mr N.K. Rawal, said that the preferential allotment was made structuring the deal such that their holding would be below 15 per cent and they do not have any intent to acquire more stake.

These warrants were allotted to these two entities in May 2006 and they have rights to exercise the option of conversion within 18 months as per guidelines. However, they have opted to exercise the option for conversion.

Meanwhile, the company promoters Goldstone Exports, after the allotment of preferential shares and exercise of option to convert shares increased its stake in the company to about 51 per cent.

IPTV SERVICES

Asked about the company’s plans to launch its Internet Protocol TV services, Mr Rawal said that it had already tied up with the State-owned BSNL and had set up the necessary infrastructure. The company is currently validating these services. The services are likely to be launched formally in January 2008.

The company is consolidating its operations after the recent announcement of acquisition of a Hyderabad-based biometric services provider 4G Informatics, he said.