i-flex Solutions

i-flex Solutions Ltd has informed that the Board of Directors of the Company at its meeting held on October 04, 2007, has taken the following decisions:

1. Approved an additional investment of upto Rs 10 crores in equity / preference share capital of, and / or a term loan to, i-flex Processing Services Ltd, India, a wholly owned subsidiary of the Company.

2. Approved an additional investment of upto US$ 12 Million in equity / preference share capital of i-flex America Inc., USA, a wholly owned subsidiary of the Company.

3. Allotted 6,300 ESOP equity shares of face value of Rs 5/- each to the applicant employees of the Company. The Company is taking steps to list these shares on the stock exchanges.

4. Approved acquisition of the balance equity share capital of Castek Inc., Canada, an existing subsidiary of the Company, by which Castek would become a wholly owned subsidiary of the Company. The transaction is expected to get closed by March 2008.