Hov Services Limited has informed the Exchange that the Board of Directors of the Company in the meeting held on January 28, 2010 had considered and approved the followings:- Actions of its wholly owned subsidiary, HOV Services, LLC entering into a Material Transaction in order to focus on end-to-end high growth and margin services, improve operational efficiency and streamline decision making process by selling certain assets: 100% interest in Bay Area Credit Services, LLC, 100% interest in HOV AR Management Services Private Limited and its 30% minority interests in TRAC Holdings, LLC (TRAC) and SAM Holdings, LLC (SAM), to Rustic Canyon, LLC, an Associate, (which already has 70% ownership interest in TRAC & SAM) for $12 million USD) in cash (approximately Rs. 5,563 Lakhs). This Material Transaction is expected to close in the fourth quarter of fiscal year 2009-10 and is not expected to have a material effect on the Standalone results.
Source: NSECourtesy moneycontrol.com
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