With reference to the news item appearing in a leading financial daily titled 'Micro Tech to raise Rs. 300 cr by selling stake in two units', Micro Technologies (India) Ltd has clarified to BSE that:
'The Company is in a weak financial position. The Company is taking all its best efforts to overcome this situation. The Company is looking out all the available options/sources to revive the situation and keep the confidence of the Shareholders on the Company.
In the interview given by Mr. Aditya Sekhar, Chairman and Managing Director ('CMD') of the Company to the Business Line, he had mentioned that our Company is thinking about to sell all its stake holding in Subsidiary Companies viz, Micro Secure Solutions Limited and Micro Retail Limited to other party through Private Equity deal to raise the funding amounting to Rs. 300 crores. We wish to inform you that till now, the Company has not taken any decision in this regard. The Company is evaluating various options available to overcome the current situation Hence, Mr. Aditya Sekhar, CMD had just mentioned about a possibility in this regard and not any decision while giving interview to the Business Line.
We assure you that we are not having any intentions to hide or to suppress any kind of information from our Stakeholders. The Company has always maintained a high level of Corporate Governance for ensuring investors confidence and faith on us.
We further assure you that once the things are finalised from our side, we will immediately inform to the Stock Exchange and all our shareholders'.
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